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January 23, 2010

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Pudong defies downturn, GDP surges to US$59b

Pudong New Area's GDP last year rose to 400 billion yuan (US$58.8 billion), an increase of 10.5 percent, despite the economic downturn.

In order to ensure economic growth, the local government adopted a series of measures to help its companies weather the international economic storm.

Last year the investment in the area's fixed assets exceeded 140 billion yuan (US$20.6 billion), up by more than 12 percent from 2008. This included investment in social infrastructure that jumped by more than 40 percent.

The development plan includes two large projects -- China-grown commercial aircraft base and Disneyland.

To consolidate the hub for financial services, Pudong is enlarging the Lujiazui financial area by introducing more than 50 financial companies.

It has also attracted enterprises engaged in real estate trust and financial consumption.

In addition, Pudong is aiming to become a shipping center as the Shanghai Pudong International Airport Free Trade Zone will be completed in March.

Last year Waigaoqiao Port and Yangshan Deep-Water Port handled more than 21 million standard containers, and the Pudong International Airport completed cargo and mail throughput of almost 2.4 million, accounting for 85 percent of the city's total.

As a magnet for high technology and innovation industries, Pudong New Area last year invited hosts of IT and high-tech companies to set up their offices and factories.

Projects include the China Commercial Aircraft Base, China Mobile Innovation Center, Datang Telecommunication Park and the Chinese Academy of Sciences Pudong Park.

The government also signed strategic framework agreements with Shanghai Pharmaceutical Group, Fosun Pharmaceuticals (Group) Cooperation and HNA Group, a leading service provider in tourism, transport and logistics industries.

Last year 20 R&D centers and 150 high-tech companies settled in Pudong. The output value of the high-tech industry reached 280 billion yuan, an increase of 12 percent from 2008.

Auto-making output increased by 48 percent over 2008 and output in bio-medical innovation rose by 21 percent.


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