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Shanghai Economy Soars In 2005
Shanghai (AFP) Jan 31, 2006 Shanghai, China's commercial hub and wealthiest city, recorded its 14th straight year of double-digit economic growth in 2005, state press reported Tuesday. Strong exports saw Shanghai's gross domestic product (GDP) expand by 11.1 percent to 912.5 billion yuan (114 billion dollars) in 2005, the official Xinhua news agency said. In 2004, the city's GDP rose 13.5 percent to 744 billion yuan. However, no adjustment for the city's 2004 figures have been officially released following a recent central government revaluation that added 284 billion dollars to the national economy. China's most populous city saw exports total 91 billion US dollars, up 23.8 percent from 2004, as the city claimed it overtook Singapore to become the world's top cargo port in terms of throughput. Imports made up 93.5 billion dollars, an increase of 8.1 percent, the report said. Investment in major infrastructure projects, such as the Yangshan Deep Water port, totalled 354 billion yuan last year, a rise of 14.5 percent. Shanghai's primary industries, including sectors such as cars, steel and construction, were worth 414 billion yuan, up 12.5 percent from 2004. In a speech to the city's annual People's Congress this month, Mayor Han Zheng said he was targeting GDP growth of at least nine percent. Han reiterated that he wanted to make Shanghai into one of the globe's pre-eminent financial, trade and shipping centres by 2010.
Source: Agence France-Presse Community Email This Article Comment On This Article Related Links - Global Trade News
Lots On China, Few Star Names As Davos Forum Wraps Up
Davos, Switzerland, Jan 29 (AFP) Jan 29, 2006The Davos forum of political and business leaders wrapped up Sunday after five days of high-profile networking dominated by China's growing clout, even if star names were in short supply. |
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