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GDP of Shanghai’s Pudong likely to have reached 1 trillion yuan

GDP of Shanghai’s Pudong likely to have reached 1 trillion yuan

Shanghai's Pudong New Area, a shining symbol of China’s modernisation, is likely to have recorded a gross domestic product last year of more than 1 trillion (£113.7bn) – the first time this key threshold has been reached.To get more Pudong New Area news, you can visit shine news official website.

The special district, which contributed about a third of Shanghai’s annual economic output in 2018, is likely to reach this landmark, according to predictions from district officials made during a meeting on 29 December.

The area’s total fixed-asset investment is set to hit 200bn yuan in 2018, while overall fiscal revenue is forecast to reach 400bn yuan. Pudong is eyeing more than 2 trillion yuan in foreign trade for 2018.

The special district also put forward a goal to have its 2019 GDP growth rate at 7pc or above, maintain the size of industrial output beyond 1 trillion yuan and synchronise the growth rate between people’s disposable incomes and overall economic expansion, People’s Daily cited a report circulated during the meeting as saying.

These projections indicate that decades of reform and opening-up have allowed Pudong and Shanghai to be successful examples of the market-driven economic model, said Shen Kaiyan, an economics professor at the Shanghai Academy of Social Sciences.“Apart from its role as a critical industrial base, reform and opening up successfully helped Shanghai unlock its potential in realms like logistics, port management and export processing. This is a substantial step towards building up a globally competitive comprehensive value chain,” Mr Shen said.

The 1,210sq km Pudong – literally meaning “east of the Huangpu River” – is Shanghai’s growth engine. But it started out as ordinary farmland that was once looked down upon compared with the city’s thriving Puxi industrial centre, said He Jianming, vice-chairman of the China Writers Association and author of Pudong Epic.

That all changed in April 1990, when the State Council, China’s cabinet, announced plans to develop Pudong into a dynamic new area through institutional innovation, He said.

Today, it is home to the skyscrapers that define the Shanghai skyline. It has wharves handling countless containers, industrial clusters with hi-tech and medical industries, and thousands of professionals from around the world.

The district accounts for around 20pc of the city’s land and 25pc of its population, and entered a new phase of development in 2013 as the nation’s first free-trade zone (FTZ), helping Shanghai become an international centre for finance, shipping, trade, and technological innovation.

The area was given a fresh boost in 2018 when President Xi Jinping announced major decisions in November to enlarge the FTZ, conduct experiments in its capital markets and enhance co-ordination among the Yangtze River Delta region – moves interpreted by industry players as highly conducive to business expansion.Pan Jianjun, the spokesman of the Shanghai-based Bright Food (Group), said the company is encouraged by the government’s decision to set up new areas in the Shanghai FTZ for “better outreach to overseas markets”.

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