The gross domestic product (GDP) of the Pudong New District in Shanghai, China's economic powerhouse, reached 150.4 billion yuan in 2003, up 17.5 percent over the previous year.

The growth of Pudong's GDP in 2003 was the biggest in the past seven years. The figure was 6 percentage points higher than the growth rate of Shanghai's GDP, a local government official said.

Nearly half of the GDP was contributed by the non-state sector.

Since it was designated as a development zone 14 years ago, Pudong has achieved a three-stage jump. Its GDP surpassed 10 billion yuan (US$1.2 billion) in 1992, topped 100 billion yuan (US$12 billion) in 2001 and hit 150.4 billion yuan (US$18.1 billion) last year.

The annual output value of micro-electric products totaled 7 billion yuan (US$843 million) last year. Software and bio-medical sectors registered a growth of 39 percent and 21 percent respectively.

Despite the influence of the SARS epidemic last year, the service sector of Pudong recorded a 15-percent growth. Finance, logistics and tourism sectors served as pillars of the tertiary industry.

The added value of the 143 financial institutions in Pudong makes up 12.5 percent of Pudong's GDP and that of the logistics sector makes up 16.5 percent. The added value of tourism, exhibitions and conventions surged 10 percent to 8 billion yuan (US$963 million).

The import and export value of Pudong came to US$58.1 billion last year, rising 58 percent over the previous year.

Thus far, Pudong has more than 10,000 foreign-funded enterprises, involving a combined contractual value of  US$22 billion. Twenty-six transnational corporations have set up regional headquarters in Pudong and over 100 others have built research and development centers there.

(Xinhua News Agency February 13, 2004)