The city achieved an annual fiscal revenue of nearly 220.23 billion yuan (US$26.53 billion) in year 2002, up 10.4 percent year-on-year, according to the latest statistics from Shanghai Municipal Statistical Bureau.

Income tax increased by 41 percent to nearly 6.71 billion yuan (US$811.68 million) in the local fiscal revenue.

The city's annual local fiscal expenditure hit 87.78 billion yuan (US$10.62 billion), up 20.9 percent year-on-year.

Industry structure has been optimizing with the secondary and tertiary industries underpinning the economic development.

Value-added of the primary industry was 8.82 billion yuan (US$1.07 billion), up 3 percent year-on-year, value-added of the secondary industry hit nearly 256.47 billion yuan (US$31.02 billion), up 12.1 percent year-on-year and value-added of the tertiary industry topped 275.58 billion yuan (US$33.34 billion), up 10 percent year-on-year.

Fixed-asset Investment Soars

Shanghai completed 215.84 billion yuan (US$26 billion) of fixed assets investment in the year 2002, up 8.2 percent year-on-year, the statistics show.

The city spent 78.41 billion yuan in basic construction in 2002,about 36.3 percent of the total volume of the municipal's investment in fixed assets and nearly 42.26 billion yuan in renovation, 19.6 percent of the total volume and some 72.02 billion yuan in real estate development, 33.4 percent of the total volume.

Investment dwindled in the primary industry, but increased in the secondary and tertiary industries, with the former totaling 509 million yuan with a 21.7 percent decrease year-on-year and the latter two topping nearly 72.62 billion yuan and 142.71 billion yuan with 6.2 percent and 9.4 percent increase respectively.

Statistics show investment by the state-owned sector dropped, but investment by overseas and private enterprises increased.

Low Price Rise

Shanghai kept low-level prices with the consumer price index slightly up 0.5 percent in the past year, according to the latest statistics from Shanghai Municipal Statistical Bureau.

Food price runs up the most by 2.9 percent, housing price keeps level with the previous year and the communication and traffic prices dropped the most by 3.1 percent.

Prices dropped in retailing and manufacturing sectors. Retailing price was 1.3 percent down year-on-year and the purchasing price of raw materials, fuels and power was 2.3 percent down from the previous year.

Industrial Growth Remains Strong

Shanghai registered a total industrial added value of over 231.277 billion yuan (US$27.86 billion) in 2002, 12.7 percent up year-on-year.

The city finished nearly 847.61 billion yuan of gross industrial output in 2002, up 14.6 percent year-on-year.

The industrial enterprises earned 54.46 billion yuan of profits, up 18.5 percent year-on-year, and turned in nearly 43.56 billion yuan of tax, up 18.6 percent year-on-year.

The city accelerated growth of high-tech industries, which totaling 198 billion yuan in year 2002, up 18.7 percent year-on-year, or 23.4 percent of the city's gross industrial output.

(Xinhua News Agency February 1, 2003)