Shanghai Daily news

The Shanghai Development and Reform Commission reported yesterday that Shanghai's economy was stronger than expected in 2003 and looks forward to more challenges in 2004.

GDP is estimated to have grown by 11.8 percent year-on-year in 2003. It is expected to grow at least 10 percent in 2004.

n Industrial added value is expected to have increased by 17.5 percent year-on-year to 285 billion yuan last year. In 2004, it is expected to grow by 12 percent.

n Last year, fixed asset investment is estimated to have grown by 12 percent from 2002 to 245 billion yuan. This year, investment will top 245 billion yuan.

n In 2003, Shanghai companies exported commodities worth US$48 billion, up 49.7 percent from a year earlier. The growth targeted for 2004 is 15 percent.

n Shanghai port handled US$203 billion worth of exports and imports in 2003, up 42.5 percent from 2002. The city expects exports and imports to grow by 10 percent this year.

n Some US$5.8 billion in foreign investment was utilized last year, up 29 percent. This year, overseas investment is said to reach US$6.5 billion.