Shanghai government is taking firm measures to reach this year's export target of US$28 billion. Vice-mayor Jiang Yiren has required local officials to develop new products and expand markets in the United States, Japan, Europe and Asia. Efforts will be made to enlarge markets in Russia, eastern Europe and Africa.

Busy Pudong

Pudong created a gross domestic product of 37.6 billion yuan (US$4.5 billion) in the first five months of this year, up 15.8 per cent over the same period last year. From January through May, 361 new foreign-funded projects were approved to attract foreign capital of US$912 million.

Capital clout

APEC members have launched 5,789 projects in Pudong New Area to date, accounting for 84.3 per cent of the area's total. Their combined capital amounts to US$25.68 billion, making up 71.7 per cent of the total investment. A survey of 1,970 foreign-funded ventures has showed that the ventures invested by APEC members occupied 71.3 per cent of Pudong's total sales and 59.3 per cent of its total profits last year.

Supply pacts

APL Logistics of Singapore has signed agreements with the Eastern China Railway Express and the Shenyang Transportation in Shanghai, two of China's leading road and rail companies, to extend its supply-chain network in the Chinese mainland. As part of the agreements, the railway express will provide APL Logistics with priority arrangements and the use of warehouse storage facilities. In return, APL Logistics will provide installation and support of its state-of-the-art supply chain visibility tools and technology as well as access to its integrated logistics network.

Vessel launch

Hong Kong-based Orient Overseas Container Line (OOCL) has put another new post-Panamax container vessel into service bound from Shanghai for Europe. Christened as OOCL France, the 5,500-TEU vessel was ordered by the company under a long-term charter agreement with the Hamburg, Germany-based company Nordcapital. OOCL France is the 16th vessel put into service by OOCL. Two more vessels will be launched this year.

Bathroom boost

American Standard, one of the world's largest bathroom and kitchen ware producers, launched its Chinese website (americanstandard.com.cn) in Shanghai on Tuesday to cash in on the booming Chinese market. American Standard has seven factories in China, including two in Shanghai. The website targets both ordinary household clients and professional traders with a wide range of information.

Drugs fair

Shanghai will become home to CPHI China 2001, a pharmaceutical materials show held at Shanghai International Exhibition Centre on July 10. The three-day exhibition is sponsored by China Chamber of Commerce of Medicines & Health Products Importers & exporters and Miller Freeman BV with about 200 enterprises from more than 10 countries and regions participating.

Disk chips

Three companies from China, the Republic of Korea (ROK) and the United States will jointly invest to produce advanced DVD disk mechanism chips in Shanghai. With a total investment of US$10 million, the Shanghai Fangyuan Digital Technology Co Ltd is expected to have an annual capacity of producing 5 million sets of DVD disk mechanism chips. Some 3 million sets of such chips will be manufactured with a selling turnover of 1 billion (US$120 million) this year.

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