Shanghai
Shanghai is known as China’s financial center and is poised to become Asia’s financial hub.
For Services: The financial sector already accounts for 10% of GDP.
Prioritized Industries: finance, automobiles, petrochemicals, biomedicine, and electronic information.
Advantages: A skilled workforce, strong distribution center, and a non-stop customs system make Shanghai an attractive city for investment.
Disadvantages: Although incomes on the Coastal cities are higher, it means labor costs more as well.
Statistics
- Per capita GDP $6,200
- GDP Growth 11.1%
- Population 17.5 million
- Imports from the U.S. $4.37 billion
- Total GDP of Shanghai $109 billion
From the book:
“In this city of 17.5 million people, the customs officials work twenty-four hours a day, seven days a week. Shanghai is also the nation’s financial center. At the end of 2004, there were 113 foreign financial institutions operating in Shanghai. Foreign investments in Shanghai are mainly engaged in industry (62.4 percent of foreign direct investment from 1979 to 2004 has gone into manufacturing). Key industries include automobiles, petrochemicals, specialty chemicals, steel and iron, biotech, electronics, textiles, and IT. Consumer goods manufactured include specialized dies, lathes, electronic assembly equipment, watches, cameras, radios, fountain pens, glassware, leather goods, stationery products, and hardware.”