Some 598 automobiles were imported through Shanghai port in January, a 67 per cent rise over the same period in 2001, according to figures released by Shanghai customs.

German brands replaced Japanese products as the preferred import, with the total number of imported German automobiles hitting 228 in January. China's removal of special tariffs on Japanese cars at the end of last year has not led to a significant increase in auto imports from Japan. Experts attributed this to the stockpile of Japanese cars from last year.

China-India air link established

China Eastern Airlines will begin flying to New Delhi from April 1, with two direct flights a week - from Shanghai on Thursday and from Beijing on Monday. Passengers bound for India now have to transfer at Hong Kong, Singapore or Kuala Lumpur.

Insurance industry on the rise

The China Insurance Regulatory Commission Shanghai office reported that premiums in the city's insurance industry jumped 42 per cent last year, over 2000, to 18 billion yuan (US$2.17 billion).

The premiums accounted for 3.64 per cent of Shanghai's gross domestic product, compared to 2.8 per cent in 2000. Of the total amount, 13.6 per cent of the premiums went to foreign insurers. Shanghai residents paid an average 1,335 yuan (US$161.23) in insurance last year, 40 per cent higher than the year before, while the figure nationwide is 162 yuan (US$19.56).

Mainland to see first listed insurer

The Shanghai-based China Pacific Insurance Group announced that its listing plan is progressing smoothly and it will probably become the first listed insurer on the mainland.

Wang Guoliang, chairman of the company, believed China Pacific's asset quality is the best among all domestic insurers with its non-performing loan ratio less than 3 per cent. China Pacific generated 22.856 billion yuan (US$2.75 billion) last year, nearly 50 per cent higher than the year before, with its net profit surging by 30 per cent.

Credit card spending booms

More and more Shanghainese are choosing to pay for products and services by credit card rather than cash.

The volume of business via the Visa card issued by the Bank of China reached 56 million yuan (US$6.76 million) during the holiday week, up 120 per cent compared to the same period of last year.

The withdrawal volume on ATM machines from 57 outlets of the Bank of Communication Shanghai Branch reached 400,000 yuan (US$48,309).

The Agricultural Bank of China received more than 20,000 phone calls from customers about online banking, and e-banking trade by individual customers was valued at over 30 million yuan (US$3.62 million).

Riverfront projects need investors

Shanghai will open up a comprehensive riverfront development programme to influential overseas developers.

The development programme involves 1,330 hectares of area between Yangpu Bridge and Nanpu Bridge spanning over the Huangpu river.

The projects include a deep water port project, a railway passenger station, the second runway for Pudong International Airport and a garbage processing plant.

Qualified overseas developers that bid for the project must be internationally renowned, with expertise in huge development projects and have access to international financing channels.

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