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Shanghai's Economy Keeps on Rolling
Shanghai's economy remained good in the first half of the year despite the world economic slowdown, Mayor Xu Kuangdi told the city's 11th People's Congress Thursday.
Shanghai's gross domestic product rose 10 per cent year-on-year to 230.3 billion yuan (US$27.8 billion).
"Industry has played an important role in promoting the city's economic growth��" Xu said. "High-tech industries and pillar industries, including automobile, petroleum chemicals and biomedical items, have become the main forces in promoting the city's economy."
The mayor estimated 85 per cent of the new industrial output comes from these sectors.
The city's investment in fixed assets also rose markedly during the period, ending three years of little change. The city aims to achieve 190 billion yuan (US$22.9 billion) in fixed assets by year's end.
Despite fluctuations in the stock market, the city's service sector maintained steady growth. Retail, wholesale and real estate contributed most.
The first half of 2001 also witnessed a steady increase in income.
The city's efforts to revive State-owned enterprises also have been successful.
Among 275 State-owned enterprises listed in the past as significant money-losers, 245 have reversed that trend in the first half.
The mayor said the city must prepare for the worst in the second half of the year. "We should give full consideration to the negative influence brought about by the sluggish world economy and have the worst conditions in mind," Xu said.
Beijing's successful bid to host the 2008 Olympic Games may bring new opportunities to Shanghai's industry and construction sectors �� he noted. Xu encouraged local businesses to go after bids by offering high-quality services.
The mayor urged local government departments to fulfil targets of reforming their project-approving system by the end of the year. The reform will cut red-tape and increase transparency.
Xu also discussed the city's "40-50" project, a programme to help find work for laid-off women over age 40 and laid-off men over age 50.
This year, the city hopes to help 100,000 laid-off workers find jobs, half of whom will fall under the "40-50" programme, according to the mayor.
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