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| Outline of Shanghai's economic development |
Beginning from the 1990's, Shanghai has been actively exploring a development path with "Chinese characteristics, identity of the time and peculiarity of Shanghai". As a result, its social productivity level and overall economic power have been improving steadily. In the year 2003, Shanghai's GDP exceeded RMB 600 billion for the first time, achieving a local fiscal income of around RMB 90 billion, 1/3 higher than that of the previous year. The city, whose population accounts for a tiny portion of 1% and land area 0.06% of the national totals, achieved a fiscal income as large as 1/9 of that of the whole country. In addition, its total import/export value accounted for 1/4 of the national total while cargo throughput for 1/10, earning it a significant position in the economic and social development of the nation.
Shanghai has persisted on scientific advance and informationalization to drive the optimization and upgrade of industrial structure and promote the development of both the 2nd and the 3rd industries. Notably, electronics, automotive, petrochemical and fine chemical, refined steel, equipment set and bio-pharmaceutics have been 6 pillar industries with significant roles.
Shanghai's financial market got further open. By the end of 2003, there had been 89 foreign financial institutions in Shanghai, with total deposit and loan balances reaching RMB 59 billion and RMB 99 billion respectively.
Shanghai has also witnessed unprecedented development in the area of foreign trade. In the year 2003, it achieved a total foreign trade import/export value of USD 112.4 billion, increasing by 56% over the previous year. Import/export through Shanghai port reached USD 201.2 billion, increasing by 41%.
In terms of foreign capital absorption, Shanghai also maintained a satisfactory momentum. During the year 2003, more than 4,321 FDI projects got approved, brining in a contractual foreign capital amount of USD 11 billion, increasing by 23% over the previous year (specifically, industrial projects and contractual foreign capital amount accounted for 44% and 66% respectively). The actual paid foreign investment amount reached RMB 5.8 billion, increasing by 32% over the previous year. With foreign investment flooding into Shanghai, a lot of international R&D centers, which represent the capacities of multinational companies, are moving into Shanghai.
Shanghai has also enhanced its port functions. Today, Shanghai port has 125 deepwater berths capable of anchoring ships over 10,000 tons and 24 international container docks, and its capacity of container shipping is 11.28 million international standard containers. The port accommodates 500 international sea-lanes reaching 144 cities of 30 countries/regions and has connections with 275 ports in 96 countries/regions. In 2003, Shanghai port achieved a cargo throughput of 316 million tons, 19.5% above the level of the previous year, continually keeping the laurel of the 3rd largest port in the world. With a multi-functional and multi-tier aviation service network coming into being, the two major airports, i.e., Pudong and Hongqiao accommodated 244,000 aircraft takeoff/landing times, increasing by 6.8% over the previous year and helping 24.74 million passenger times to transit the customs.
In 2010, Shanghai will host the World Expo to demonstrate the achievements made by mankind in social, economic, cultural and science-technological areas. The theme, "city, a better life" will make Shanghai a more charming metropolis. With superior environment to start business, profound cultural tradition, ideal infrastructure and numerous business opportunities, Shanghai is attracting more and more investors from all over the world.
II Overview of industry in Shanghai
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