Shanghai grows fastest since 1998
20 January 2004
Shanghai's economy grew its fastest since 1998 with a growth rate of 11.8% but Shanghai officials denied that the economy was overheating.
It was the 12th consecutive year of double-digit growth but foreign and domestic companies have complained about serious power shortages that have accompanied the rapid growth.
Despite power problems, foreign investment in Shanghai experienced strong growth last year with actual foreign direct investment (FDI) to the city surging more than 30% to US$5.85 billion and contracted FDI rising 23.5% to around US$11.06 billion.
For this year, Shanghai is targeting a rise of roughly 10% in actual FDI to US$6.5 billion, officials said.
Contracted FDI is also forecast to rise 10%.
