Shanghai to Continue Plan of Building Highest Tower in the World

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Last updated at: (Beijing Time) Monday, December 03, 2001

Shanghai to Continue Plan of Building Highest Tower in the World

Shanghai Mayor Xu Kuangdi said in Paris on December 2 that China's eastern metropolis of Shanghai will continue its plan of building highest tower in the world, noting that the city has full confidence and measures to safeguard the building's safety.

Construction on the tower, to be input by Japanese investors, will go ahead as planned but on a slower pace due to Japan's economic and financial difficulties, Xu noted.

He reiterated Shanghai will retain an economic growth rate of 10 per cent in the coming year.

The high growth rate will result from China's huge potential in domestic market, which provides some 80 per cent of economic expansion stimulus for the country with the other 20 per cent coming from world trade, Xu said.

The slack growth of the world's economy, influenced by the "September 11" terrorism attacks on US' New York and Washington, will affect Shanghai to some degree but that can be compensated by other means, the mayor said.

Toughing on China's entry into the World Trade Organization (WTO), Xu said the accession will exert some pressure on Shanghai, for example, in its auto sector in face of tariff reduction. However, the city will think of other means to cut production cost by co-operating with its co-operation partners from overseas, he noted.

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