Shanghai is the commercial and financial center of mainland China, and ranks fifth in the 2011 edition of the Global Financial Centres Index published by the City of London. It was the largest and most prosperous city in the Far East during the 1930s, and rapid re-development began in 1990s. This is exemplified by the Pudong District, which became a pilot area for integrated economic reforms. By the end of 2009, there were 787 financial institutions, of which 170 were foreign-invested. In 2009, the Shanghai Stock Exchange ranked third among worldwide stock exchanges in terms of trading volume and sixth in terms of the total capitalization of listed companies, and the trading volume of six key commodities including rubber, copper and zinc on the Shanghai Futures Exchange all ranked first in the world.
In the last two decades Shanghai has been one of the fastest developing cities in the world. Since 1992 Shanghai has recorded double-digit growth almost every year except during the global recession of 2008 and 2009. In 2011, Shanghai's total GDP grew to 1.92 trillion yuan (US$297 billion) with GDP per capita of 82,560 yuan (US $12,784). The three largest service industries are financial services, retail, and real estate. The manufacturing and agricultural sectors accounted for 39.9 percent and 0.7 percent of the total output respectively. Average annual disposable income of Shanghai residents, based on the first three quarters of 2009, was 21,871 RMB.
Located at the heart of the Yangtze River Delta, Shanghai has the world’s busiest container port, which handled 29.05 million TEUs in 2010. Shanghai aims to be an international shipping center in the near future.
Shanghai is one of the main industrial centers of China, playing a key role in China’s heavy industries. A large number of industrial zones, including Shanghai Hongqiao Economic and Technological Development Zone, Jinqiao Export Economic Processing Zone, Minhang Economic and Technological Development Zone, and Shanghai Caohejing High-Tech Development Zone, are backbones of Shanghai's secondary industry. Heavy industries accounted for 78% of the gross industrial output in 2009. China’s largest steelmaker Baosteel Group and Jiangnan Shipyard, one of China's oldest shipbuilders are both located in Shanghai. Auto manufacture is another important industry. The Shanghai-based SAIC Motor is one of the three largest automotive corporations in China, and has strategic partnerships with Volkswagen and General Motors.
Read more about this topic: Shanghai
Other articles related to "economy":
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries ... the 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy ...
... and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at ...
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (18971977)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)