Shanghai Daily news

Shanghai Huayi (Group) Co, the city's biggest chemical and drug maker, plans to pour at least 35 billion yuan (US$4.2 billion) into business expansion through 2010.
Part of the investment will be allocated to the Yangtze River Delta region, which represents a new focus for the firm.
"Huayi will continue to be Shanghai-based but will also tap more of the delta region," Shen Liping, a  Huayi vice president, said yesterday at the Forum on Chemical Investors from European, the Asia Pacific Region and America, held in Shanghai.
The firm is also considering a major project in Anhui Province and several in Zhejiang Province, Shen said, without elaborating.
Huayi's investment in the five-year-period ending 2005 grew 70 percent from the previous five years, she noted, without giving specific figures.
Huayi, a state-owned chemical and drug maker, posted 25.8 billion yuan in industrial output last year and recorded total assets of 32 billion yuan. It has more than 20 subsidiaries.
Most of Huayi's projects are located in the city, including facilities at the Shanghai Chemical Industry Park, the Wujing area and Minhang District.
The firm has already broadened its reach from the city.
It joined hands with Elion Resources Group Co to build a 3.58 billion yuan plastics raw material plant in the Inner Mongolia Autonomous Region at the end of last year.
Huayi has invested some 1 billion yuan in the Ningxia Hui Autonomous Region to make polyvinyl chloride and caustic soda. And it has injected capital into Henan Province.
The firm is also gearing up to tap the chemical logistics sector at the Yangshan Deep Water Port southeast of the city.
Its other core businesses include clean energy, new materials, fine chemicals and bio-pharmaceuticals.
Identifying the chemical sector as a pillar industries, the city is now building the Shanghai Chemical Industry Park, which aims to become the top chemical hub in Asia.
Shanghai plans to nearly triple its petrochemical industry output by 2010 mainly through the creation of the chemical park.