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Auto-parts companies play key role in industrial, economic growth
By Lu Xiaofeng and Fei Lai |
September 27, 2010, Monday
|
Print Edition
Print Edition
THE industrial output of Jiading's auto parts industry climbed to a record 7.28 billion yuan (US$1.1 billion) in August, surpassing the 7 billion yuan mark set in July.
In the first eight months of this year, production value increased 58.4 percent from a year earlier to 54.63 billion yuan. The sector accounted for 37.3 percent of Jiading's industrial output.
The auto parts industry plays a leading role in the district's economic growth. Jiading is home to 251 auto-parts companies, of which 14 rank on the Fortune 500 list.
The industry is a major revenue source for the district. In the first eight months of the year, it paid taxes of 2.65 billion yuan, up by 51 percent from a year earlier. That growth rate was 28.3 percent above the district's.
Zheng Yimin, deputy general manager of Shanghai Hugong Auto-Electric Co Ltd, said the company's output value this year could break 400 million yuan. In the past eight months, the production was valued at 292 million yuan, which had already exceeded the total for all of 2009.
Hugong's rapid development has a lot to do with products it has developed itself, such as door-lock controllers and fuse blocks. The company's research and development team turns out almost 50 new products a year.
Other companies also benefit from the new products. From January to August, new products contributed 7.5 billion yuan to the production value of the district's auto-parts industry. That was a two-thirds increase from a year earlier.
Amid signs of a recovery in the world economy, export of auto parts is rapidly resuming.
Foreign trade volume of 74 key auto-parts export companies exceeded US$80 million in the four consecutive months after March.
The momentum is being driven by an acceleration in investment. From January to August, fixed asset investment in Jiading's auto-parts industry reached 1.68 billion yuan, accounting for 32 percent of the district's industrial fixed asset investment.
In the first eight months of this year, production value increased 58.4 percent from a year earlier to 54.63 billion yuan. The sector accounted for 37.3 percent of Jiading's industrial output.
The auto parts industry plays a leading role in the district's economic growth. Jiading is home to 251 auto-parts companies, of which 14 rank on the Fortune 500 list.
The industry is a major revenue source for the district. In the first eight months of the year, it paid taxes of 2.65 billion yuan, up by 51 percent from a year earlier. That growth rate was 28.3 percent above the district's.
Zheng Yimin, deputy general manager of Shanghai Hugong Auto-Electric Co Ltd, said the company's output value this year could break 400 million yuan. In the past eight months, the production was valued at 292 million yuan, which had already exceeded the total for all of 2009.
Hugong's rapid development has a lot to do with products it has developed itself, such as door-lock controllers and fuse blocks. The company's research and development team turns out almost 50 new products a year.
Other companies also benefit from the new products. From January to August, new products contributed 7.5 billion yuan to the production value of the district's auto-parts industry. That was a two-thirds increase from a year earlier.
Amid signs of a recovery in the world economy, export of auto parts is rapidly resuming.
Foreign trade volume of 74 key auto-parts export companies exceeded US$80 million in the four consecutive months after March.
The momentum is being driven by an acceleration in investment. From January to August, fixed asset investment in Jiading's auto-parts industry reached 1.68 billion yuan, accounting for 32 percent of the district's industrial fixed asset investment.
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