Figures released Thursday by the statistics bureau of the Pudong New District show that its gross industrial output amounted to 219 billion yuan (US$26.5 billion) last year, 21 percent up on 2001, 41 percent of which comes from the hi-tech industry.

The new district recorded fixed asset investments worth 58.7 billion yuan (US$7.1 billion) in 2002 and US$2.7 billion worth of contracted overseas investment.

Its exports rose 23.3 percent to US$13.6 billion, and gross sales of commodities 24.1 percent to 124.5 billion yuan (US$15 billion).

Last year, Pudong launched 27 major projects altogether, involving a total of 13.2 billion yuan (US$1.6 billion), including the construction of the Pudong section of Shanghai's outer ring road, the operation of the world's first commercial maglev train, the fourth-phase construction of Waigaoqiao harbor, the building of the fifth hall of Shanghai's new international exhibition center and a garbage-burning power plant.

Thanks to the rapid economic development, residents in the new district saw their average annual pay increase by 8 percent last year. In addition, 23,000 more employment opportunities were offered to local laid-off or unemployed workers.

(Xinhua News Agency January 24, 2003)