Shanghai registered a 10.3 percent economic growth in the first nine months of the year, thanks to increased industrial investment and consumer spending, Mayor Xu Kuangdi told a municipal government working conference yesterday.
The city is expecting double-digit growth every year over the next five years. Last year, Shanghai's economy expanded 10.8 percent.
Added output value, a benchmark indicator of industrial production, was up 13 percent from a year ago, while the fixed-asset investment increased 15.1 percent.
Consumer spending during the period rose 8.8 percent, suggesting consumer confidence was strong.
Exports for the first eight months were put at US$18.5 billion, up 13.5 percent from a year ago.
Despite the upbeat statistics, Xu warned of a not-so-favorable business climate that may impede growth. "The global economy has slowed down and the uncertainties are increasing."
He urged traders to do their best to maintain the city's target of a 10.4 percent export growth, set earlier this year but which now seems doubtful as demand from the US and Japan slackens.
(Eastday.com 10/11/2001)
