Shanghai is one of China's old industrial bases. The reform
over the past 20 years has injected the city with new vitality.
In 1997,the city's GDP exceeded 336 billion yuan (US$40.5
billion) with the per capita GDP reaching US$3,000. Steel,
telecommunications, automobiles, power production equipment,
petrochemicals and electric appliances have become Shanghai's
six pillar industries. The city produced 230,000 cars in 1997,
while its steel output is the largest in the country. China's
largest petrochemical complex is also located here.
The city's service industry now represents a growing part
of Shanghai's economy. Finance and insurance, commerce,
real estate, tourism and information represent the key sectors
for development. The city's goal is to turn Shanghai into
a regional economic and trade centre. The Shanghai Stock
Exchange and various specialized markets have developed
rapidly in Shanghai, which also has the country's largest
foreign exchange trading centre as well as many foreign
banks and insurance companies.
Shanghai has developed trade relations with more than 30,000
companies in about 170 countries and regions. The value
of Shanghai's imports and exports surpassed US$58.7 billion
in 1997, accounting for about one-sixth of the national
The city has attracted more than 20,630 direct foreign
investment projects, nearly 300 of which were invested by
big-name multinationals. More than half of the world's top
100 industrial companies have invested in Shanghai.
Shanghai is also developing modern farming in its suburban
areas. The government-supported "Basket Project "
has been successful in enriching food supplies in the city.