It keeps growing and growing...
Shanghai’s economy showed no signs of slowing down in 2005. According to figures released by the Shanghai Municipal Development and Reform Commission on January 30th, the city’s economy grew by 11.1% last year to reach 912.5 billion yuan ($113.2 billion), making 2005 Shanghai’s 14th consecutive year of double-digit growth. The city’s investment in fixed assets such as roads and bridges increased by 14.5%, while foreign direct investment rose by 11%. Export figures to be released in February may be even more dramatic, with the commission estimating that exports rose by 23.8% in 2005 and imports by 8.1%.
Meanwhile, the city’s economic structure has continued to transform as the share of modern services and technically advanced manufacturing expanded. The commission estimated that key service sectors such as finance and modern logistics grew by more than 11%. The total output of six high-tech sectors, including precision-rolled steel and electronic information, rose by 16.5%, outpacing the growth of the industrial sector. In the midst of this boom, an increasing number of tourists are flocking to Shanghai: 15.7% more overseas visitors came to the city in 2005 than in 2004.
Technorati Tags: Shanghai, city