Shanghai registered a steady economic growth in the past three quarters despite the current global financial instability, Mayor Han Zheng said here on Friday.
China's business powerhouse recorded 10 percent economic growth in the first half of the year and an 18 percent increase in fiscal revenue over the past nine months, he said.
Shanghai's exports volume increased 22 percent in the first three quarters, while foreign investment in the city was up 20.7 percent during the period. The average income of urban and rural households grew 13.3 and 11 percent, respectively.
Financial institutions in the city were in sound operation. "Some banks are worried for being unable to find good projects to provide loans, which shows the banks are operating well and liquidity is ample."
However, the city faces challenges of the global financial crisis, as the sales of automobiles and real estate decreased, and some medium- and small-sized companies got fewer orders.
"In general, the economic and social development of Shanghai is healthy and sound," Han said.
Meanwhile, Shanghai's preparation for the 2010 World Expo is going on as scheduled. So far, 179 countries and regions, as well as 44 international organizations, had confirmed their participation. Those numbers surpassed the previous high recorded by Hanover, Germany, in 2000.
Source: Xinhua
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