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  • Shanghai's Pudong Sees Growth Despite Capital Shortage
  • February 4, 1999 (SHANGHAI, China) -- The Pudong New Area in Shanghai, a rapidly expanding financial and trade zone, maintained economic growth in 1998 despite a shortage of capital resources, according to official statistics.
    Pudong, which is separated from downtown Shanghai by the Huangpu River, registered a gross domestic product (GDP) of RMB71 billion (US$8.5 billion) in 1998, an increase of 16.8 percent from the previous year.

    The GDP growth rate for all of Shanghai in 1998 was 10.1 percent, much higher than the national figure of 7.8 percent. With about 8.3 percent of Shanghai's total land area and 10 percent of the municipal population, Pudong accounted for 20 percent of the city's GDP value last year.

    Also, official statistics show that Pudong's industrial output value soared 15.8 percent to RMB146 billion last year. Its foreign trade rose 14.5 percent to US$4.3 billion. Both of the figures stand at nearly a quarter of Shanghai's total.

    Investors from more than 60 countries and regions have launched 5,437 projects in Pudong, with total investments reaching a level of US$28 billion.

    A total of 88 of the world's top 500 multinational companies have launched more than 140 projects in Pudong.

    The projects cover telecommunications, electric appliances, computers, machinery and electronics. High-tech products comprised a quarter of the area's industrial output value last year.

    (Xinhua News Agency)

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    Updated: Wed Feb 3 17:30:22 1999 PDT