Rachel Hou/Shanghai Daily news

A number of business indicators released by the local statistics bureau yesterday suggest that the city economy grew at a strong and healthy rate in 2004. 
The output value of the city's six key industries (electronics and information technology, cars, power and large-scale electromechanical equipment, petrochemicals, high-grade steel and biopharmaceutical products) rose by 23.9 percent to 832.38 billion yuan(US$100.65 billion) last year. Gross foreign export value increased by 51.6 percent to US$73.52 billion.  Contracted foreign direct investment rose by 12.6 percent to US$11.69 billion. Total retail sales reached 245.46 billion yuan(US$29.68 billion). Retail sales, up 10.5 percent from the previous year, represents the first double-digit growth since 1999.
The economy could boast of good numbers. As part of the city's effort to cool down overheated investment, the growth rate of total investment in fixed assets declined to 25.8 percent last year. By the end of 2004, the city's housing vacancy rate had dropped by 31.2 percent when compared with the beginning of the year. The year-on-year growth of the local consumer price index was 2.2 percent last year, well below the national average.
The city added 608,000 new jobs in 2004. The city's unemployment rate fell to 4.5 percent last year, down from 4.9% a year ago. The jobless rate was the first drop in the past decade. Meanwhile, the income of local residents continues to increase. Annual disposable income per household was up 12 percent in urban areas, while rural disposable per household was up 10 percent, the highest growth rates since 1997.