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  Shanghai Expects Another Period of High Growth
 
 

August 3 (Xinhua) -- China's leading industrial and commercial city of Shanghai is expecting another period of high growth in the years to come.

Local economists said Shanghai's improved economic operation and a better national economic situation have laid a sound foundation for the rapid growth.

The latest statistics indicate Shanghai's gross domestic product (GDP) increased a year-on-year 10.3 percent to top 202 billion yuan (about 24.3 billion U.S. dollars) in the first half of the year.

Experts predict that Shanghai's annual economic growth rate will reach 11 percent this year.

This represents a turn for the better after two years of adjustment following an average annual growth of 13 percent between 1992 and 1997.

All other major economic indicators in the city also show favorable signs of a high growth, analysts said.

Shanghai generated 320 billion yuan (about 38.5 billion U.S. dollars) in industrial output value during the January-June period, an increase of 12 percent. And total profits from the industrial sector jumped 38 percent to reach 14.8 billion yuan (about 1.78 billion U.S. dollars).

Exports of the city surged a record 40 percent to top 11.7 billion U.S. dollars from January to June, while fixed assets investment stopped declining, with the volume standing at 60.3 billion yuan (about 7.26 billion U.S. dollars).