Today's Shanghai | News(2000)

October

Shanghai Tourism Festival raised the curtain. It is the first time that 22 International companies present their company profiles with Shanghai citizens on the same occasion.

The People's Bank of China (PBOC) issued the paper money with the face value of 20 yuan ($2.40) on October 16, 2000. At the same time, the paper money with the face value of 0.5 yuan ($0.06), 1 yuan ($0.12) and 2 yuan ($0.24) will be changed into coins, according to sources from PBOC.

The largest unit loan for house purchasing by Bank of China (BOC) Shanghai Branch has been over 5 million yuan ($604,000), according to sources from BOC. The housing loans given to individuals have been increasing sharply, especially during the seven-day National Day Holiday, since BOC Shanghai Branch launched housing loan without the upper line.

China Pacific Insurance Company declared recently the first annual settlement rate as high as 22.47 percent for its Universal Life Insurance policy holders.

American International Assurance (AIA) Shanghai Branch recently awarded scholarships worth over 100,000 yuan ($12,000) to students of finance in five universities and colleges.

Many couples hope their baby can be born in the auspicious year, thus the baby boom since this May which is most obvious in September and October. The China new baby boom can be attributed to the millennium year, also the Dragon Year in China.

Shanghai Art Fair will open a charity banquet at Shanghaimart on November 2 to raise money for the Sunrise project, a charity project that donates financial aid from the foreign community to Shanghai children.

Over 20 Australian universities and schools will off a broad selection of educational venues in an exhibition scheduled at the Jingjiang Tower on October 24 and 25.

People are expected to live a better life during the 10th Five-Year Plan (2001-05) after their living standards generally hit the "well-off" level at the turn of the century, Premier Zhu Rongji said. People's living standards will keep improving during the 2001-05 period, sadi Zhu at the 5th Plenum of the 15th Central committee of the Communist Party of China (CPC) last week.

Offical statistics show that the year's per capita productivity by industries in Shanghai will surpass $10,000, the equivalent to that in medium-level developed countries.

AN international conference to help fertilizer manufacturers prepare to enter the world market opened on Oct. 18, 2000 at Pudong Shangri-La Hotel.

In order to attract foreign investment, Shanghai's industrial sector has put forward 5 new measures including the encouragement of strategic assets restructuring. In the 1990s, the sector utilized a total foreign investment of US$20 billion.

The city plans to eliminate housing with dangerous living conditions that amounts to 3.65 million square meters by the end of next month. So far 99.45% of the total housing has been demolished.

Shanghai will invest US$18 billion, or 33% of the total industrial input, to develop its electronic information industry in the next five years.

In response to a rapid increase in demand, FedEx, the world's leading express transporter, plans to expand its market shares in Shanghai through a joint venture company this year.

According to the statistics of the city's economic commission, 144 large and medium-sized commercial enterprises achieved sales of US$118 million from September 28 to October 3, 16.3% higher than the same period last year.

Disputes over the proposed amendments to the marriage laws are heating up as the draft is being readied for action by the standing committee of the National People's Congress this November.

For the first eight months of the year, imported waste steel, copper, aluminum and paper totaled 1 million tons, and were valued at US$2.7 billion, an increase of 80.5% and 120% respectively over the same period last year.

In an attempt to break a world record, and close the National Day holiday with a bang, six Chinese and two foreigners are attempting to stun the world as they pilot their planes through the main opening of a bridge, crossing the Taihu Lake, 70 kilometers west of Shanghai.

In an attempt to move the telecommunications industry into the 21st century and a step toward WTO readiness, Shanghai may pioneer foreign investment into the telecom industry including Internet Content Provider and e-business services.

Local astronomical experts said man is capable of controlling the threat of thousands of asteroids that fly dangerously close to the earth.

Beginning next year, some residents will be able to view high definition television (HDTV) programs in Shanghai. The wiring is being put in place now, and if residents are equipped with digital TVs they will be able to watch a clearer picture.

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