| Tertiary
trade key component of Shanghai economy (11/11/2002)
The proportion of tertiary trade as part of Shanghai's gross domestic
product (GDP), has grown at a rate of two percentage points annually
for the past 13 years.
By 2001, tertiary trade made up 50.7 percent of the city's total
GDP, according to the municipal statistics bureau.
The added value of the city's tertiary trade reached 250.9 billion
yuan (30.2 billion US dollars) last year, 3.2 times more than in
1989. Retail sales of consumer goods in Shanghai totaled 186.1 billion
yuan (22.4 billion US dollars), 5.6 times the 1989 figure, representing
an average annual growth rate of 15.5 percent over the past 13 years.
The Shanghai Stock Exchange is now the third largest stock market
in Asia, behind Tokyo and Hong Kong. Its turnover rose to 4. 4 trillion
yuan (530 billion US dollars) last year, four trillion yuan (481
billion US dollars) more than it was in the early 1990s. The transaction
volume of the China Foreign Exchange Trade System topped 75 billion
US dollars last year, doubling the figure of 1994, the year it was
founded.
A government official in charge of the tertiary sector attributed
its rapid growth to the government's policy of giving priority to
the development of tertiary trade while simultaneously carrying
out industrial structural adjustment.
(xinhua)
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