Home>Latest

Private businesses strong performers in Shanghai import, export

chinadaily.com.cn Updated:2018-12-27

1.jpg

The skyline of Shanghai at night [Photo/IC]

Privately-owned enterprises recorded 1.82 trillion yuan ($265.09 billion) in imports and exports to become a major contributor to Shanghai's import and export for the first 11 months this year, Shanghai Customs said on Dec 26.

According to the Shanghai Customs, private businesses generated 31.1 percent of the total import and export of the municipality, a year-on-year increase of 13.6 percent.

The total import and export volume in the first 11 months in Shanghai has reached 15.87 trillion yuan, up 8.3 percent year-on-year.

Back in 1993, only 34 private enterprises in Shanghai had access to export businesses. In 2017, the number hit 27,000.

According to expert analysis, three major trends were highlighted in the development of Shanghai private businesses over the years, namely an increased focus on exports rather than imports, a shift in exports from labor-intensive products to mechanical and electrical products, and a shift in imports from industrial raw materials to consumer goods.

In the first 11 months, foreign-invested companies totaled 3.32 trillion yuan in imports and exports, accounting for 54.8 percent of the total volume. State-owned enterprises contributed 820.62 billion yuan, a year-on-year increase of 10.6 percent.