Exhibitions bring business
EXHIBITION business should be nurtured to become a new driving force in building up Shanghai's economy, experts said.
Panel of financiers meet hi-tech masters
THE first round of the O'Melveny & Myers High-Tech Entrepreneurs Programme was successfully conducted in Shanghai yesterday.
Industrial output jumps last year
THE city's industrial output last year saw a 9.6 per cent increase, or 175.87 billion ($21.24 billion) more in value, compared with the previous year.
Pudong outlook
PUDONG is to focus on the development of the 28-square-kilometre area along the Huangpu River, which will become part of a central city in 20 years, and the area along East China Sea starting from this year, Hu Wei, deputy director of the new area's administration, recently told visiting deputies of National People's Congress. Service industries, including banking and insurance services, will be further backed up and the riverside port area will be revamped to allow later beautification of the central city. The government will also speed up the construction of the Waigaoqiao Port and Waigaoqiao Shipyard to help establish Shanghai as the inter-national centre for transportation.
IT forum to stress building a digital city
STRONG emphasis on the city's cyber-port project will be maintained in
Tianjin, focus of Motorola's plans
Tianjin-based Motorola (China) Electronic Co said last week it plans to increase its investment in China by over 2 billion yuan ($241 million) within the next five years.
Apartments ease yuppies' housing
SHANGHAI Balin Community Co Ltd, the first property service company in Shanghai to provide clients with a chain of furnished apartments throughout Shanghai, plans to launch "waixiao" apartments targeting overseas and local tenants.
All shipping services make gains
SERVICES bound for the United States are still brisk due to its robust economy.
GM: Private car sales promising
By Tony Zeng
SALES of family cars in Shanghai will rise in the next few years as incomes rise, said Philip Murtaugh, general manager of GM China Inc's Shanghai office. The private car market will take off when per-capita gross domestic product (GDP) in the city exceeds $3,000. Shanghai's per capita GDP rose to $3,720 last year from $3,400 in 1998. The figure is expected to hit $4,000 by the end of this year. He said GM is closely following the trends among locals wanting a private vehicle and wait for the right time to jump into the market. A recent poll of 1,580 families in Shanghai, Beijing and Guangzhou found nearly 80 per cent favoured cars which would be low cost, under 100,000 yuan ($12,000), more high-tech and small in size. The vision of a prosperous family car market has been slowly taking shape around the rising sales of GM's Buick sedan, bought by individuals. "The number of individual buyers of Buicks has exceeded our expectations," he said. About 10 per cent of Buicks bought are for personal use and their share in total Buick sales is edging up. Murtaugh, also executive vice-president of Shanghai GM, the Buick sedan production base in Pudong, said it will take more effort to diversify the market in China and to force up their share in the nascent but growing car market. "We will go all out to reduce operating costs, bring out more high-tech features and design and develop more variety in our cars to meet different market demands," he said. SGM has decided to double production of Buicks this year to 50,000 units from 23,000 in 1999. SGM will debut the W-Wagon, dubbed Buick GL8, a seven-eight seater vehicle suitable for business and travel later this year. It is based on the same design as the sedan, with many of the safety and comfort features of the Buick sedan
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