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Shanghai Economy
 
 
 

Shanghai is the commercial and financial centre of mainland China, and ranks fifth in the 2011 edition of the Global Financial Centres Index published by the City of London. It was the largest and most prosperous city in the Far East during the 1930s, and rapid re-development began in 1990s. This is exemplified by the Pudong District, which became a pilot area for integrated economic reforms. By the end of 2009, there were 787 financial institutions, of which 170 were foreign-invested. In 2009, the Shanghai Stock Exchange ranked third among worldwide stock exchanges in terms of trading volume and sixth in terms of the total capitalisation of listed companies, and the trading volume of six key commodities including rubber, copper and zinc on the Shanghai Futures Exchange all ranked first in the world.

In the last two decades Shanghai has been one of the fastest developing cities in the world. Since 1992 Shanghai has recorded double-digit growth almost every year except during the global recession of 2008 and 2009. In 2011, Shanghai's total GDP grew to ¥1.92 trillion ($297 billion) with GDP per capita of ¥82,560 ($12,784). The three largest service industries are financial services, retail, and real estate. The manufacturing and agricultural sectors accounted for 39.9% and 0.7% of the total output respectively. Average annual disposable income of Shanghai residents, based on the first three quarters of 2009, was ¥21,871.

Located at the heart of the Yangtze River Delta, Shanghai has the world's busiest container port, which handled 29.05 million TEUs in 2010. Shanghai aims to be an international shipping centre in the near future.

Shanghai is one of the main industrial centres of China, playing a key role in China's heavy industries. A large number of industrial zones, including Shanghai Hongqiao Economic & Technological Development Zone, Jinqiao Export Economic Processing Zone, Minhang Economic & Technological Development Zone, and Shanghai Caohejing High-Tech Development Zone, are backbones of Shanghai's secondary industry. Heavy industries accounted for 78% of the gross industrial output in 2009. China's largest steel-maker Baosteel Group and Jiangnan Shipyard, one of China's oldest shipbuilders are both located in Shanghai. Auto manufacture is another important industry. The Shanghai-based SAIC Motor is one of the three largest automotive corporations in China, and has strategic partnerships with Volkswagen and General Motors.

The conference and meeting sector is also growing. In 2012, the city hosted 780 international gatherings, up from 754 in 2011. The high supply of hotel rooms has kept room rates lower than expected, with the average room rate for four- and five-star hotels in 2012 at just ¥950 ($153).

 

 
 

 



 


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