Shanghai.....................................................
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City's per capita GDP to reach US$5,000 by 2000
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SHANGHAI (Xinhua) -- The per-capita gross domestic product (GDP) of residents in Shanghai is expected to top US$5,000 by the end of the century because of the city's rapid economic development.
"It is a very practical target for Shanghai to increase its per capita GDP from the current US$3,000 to US$5,000 in three years," said Xu Kuangdi, Shanghai's mayor.
The city's average annual growth rate of GDP was 14.2 per cent during the 1992-96 period, and is estimated to have reached 13 per cent in 1997.
Expressing his confidence in Shanghai's economy, Xu said, "The macro-economic situation of Shanghai now is the best in history, despite increasing pressure from market competition and economic risks."
The city will adopt measures to speed up adjustments to its industrial structure, reform of its State-owned enterprises and opening-up to bring Shanghai's economy to a new level, Xu said.
Shanghai's increasing social demands will support at least an 11 per cent annual GDP growth rate, according to Han Zheng, director of the Shanghai Municipal Planning Committee.
Partially as a result of expanding social demands, the service industry should also continue its strong growth.
The city's pillar industries, such as automotive, electronics and telecommunications, should develop rapidly, as well as local non-State economies.
Economists estimate that Shanghai will invest 600 to 700 billion yuan (US$72.3 billion to US$84.3 billion) in fixed assets in the next three years, and its export volume should increase 10 to 12 per cent annually through the end of the century. Date: 01/05/98 |
