The series of figures recently provided by the Shanghai government show that in the 1990s, the annual growth rate of Shanghai's GDP has exceeded 12 percent, making it a period of the fastest economic development in Shanghai's history.
From January to October this year, the economy of Shanghai saw an increase of 10.5 percent over the same period last year; and the GDP of the city is expected to exceed 444 billion yuan at year-end, calculated on the basis of the current exchange rate, the per-capita GDP will top US$4,000.
Shanghai has basically accomplished the major change from an industrial and commercial city to an economic center, and has thus enormously enhanced its city functions. The rapidly developed finance, insurance, trade, transportation, communications, real estate and other aspects of the tertiary industry have raised its proportion in the GDP from 30 percent 10 years ago to 50 percent. The stock, futures, foreign exchange, talents and other factor markets have taken initial shape and radiated toward the whole country, with their trade volume accounting for 25 percent of the nation's total. The marketization degree of products and labor force has reached 95 percent and 70 percent respectively; social security coverage has reached 98 percent. Shanghai is gradually becoming the distribution center of China's production elements.
Shanghai's economy is more open than ever before. Half of the top 500 enterprises of the world have made investment in Shanghai. Foreign merchants from over 80 countries and regions have more than 20,000 directly invested projects and a contracted value of US$40 billion. Shanghai has been carrying out trade cooperation with 210 countries and regions, with an annual trade volume approaching US$40 billion. At present, Shanghai is the biggest banking window opening to the outside world, gathering together most foreign banks, insurance companies and securities industry in China.
(People's Daily 12/06/2000)
