|Shanghai South Railway Station|
Shanghai is not only the economic leader in China, but also an economic interaction platform for the economies of China and the world. The overall advantages of Shanghai are second to none in the country though it is high for commercial cost. Being the most dynamic economy in Yangtze Delta, Shanghai still processes great potentials for development.
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 2010, Shanghai 's total GDP grew to 1.687 trillion RMB (US$256.3 billion) with GDP per capita of 76,000 RMB ($11,540).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.
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