Shanghai's GDP grew at 11.8 per cent in the first nine months of this year on the back of increased car sales, strong industrial investment and large increases in home furnishing purchases. Vehicle companies recorded sales of Yn9.8bn in the year to September 30, while industrial investment in the city jumped by a quarter. Home appliances, benefiting from a strong property market, rose
24 per cent in the same period. Other strong performers included contracted foreign investment, up 30 per cent to US$8.9bn, and exports, which exceeded the total recorded for the whole of 2002. Consumer prices in the city fell 0.3 per cent year-on-year.
Beijing did less well, its GDP growing at only 10 per cent. While its growth exceeded the published national economic growth rate of 9.1 per cent for the first nine months, it reportedly ranked only 23rd out of China's 30 provinces. Beijing's rate of increase in investment in fixed assets was the lowest recorded in the country.