Today's Shanghai | News(1999)

August

Low income people in China will have more to gain than lose under the new tax on savings interest scheme, Vice-Minister of Finance Gao Qiang said recently. The proposed 20-percent tax rate on savings interest will mean a cut of the interest rate by 0.45 percentage points.

Chia Tai re-started its suspended property project in Pudong on September 2, signaling its renewed confidence in the city's investment environment.

Builders are currently constructing the city's second railway station, and are trying to complete a part of it that will include two platforms and four tracks as quickly as possible for standby use this year.

A recent survey has found that local residents produce 1.2 kilograms of garbage per capita ever day, compared with developed countries like the US which generate an average per capita amount of 2 kgs of garbage daily.

Eight men accused of forcing almost 20 girls from Shanghai, mostly teenagers, into prostitution will face prosecution soon at the Municipal No. 2 Procuratorate.

The city's electronic industry, once famous for its television sets, radios, tape recorders and record players, is experiencing a revival after a slump in business for several years.

Shanghai is committed to beefing up its economic cooperation and trade with other economic hubs in Asia to the mutual benefit of their economic growth, a senior trade official said recently.

The newly-completed Yan'an Road Viaduct is to open to traffic on September 15. The 5.56-kilometer-long viaduct starts from Zhongshan Road West in the west and ends at Shimenti Road, passing through three downtown districts.

Lightning struck Guomai Communications Co., Ltd., the city's major paging station, early one morning rendering more than 20,000 pagers unoperational.

Shanghai is well prepared to receive the officials and representatives from the 22nd Congress of the Universal Postal Union, said senior officials with the municipal information office and postal bureau.

The long-awaited pedestrian section of Nanjing Road will be completed and reopened by the end of September, sources with the Commercial Commission of Shanghai Municipal Government recently revealed.

Former US Secretary of the Treasury Robert Rubin is one of the latest participants to sign up for the Fortune Global Forum to be held in Shanghai between September 27-29. The upcoming forum is expected to draw a total of over 350 foreign business leaders and 200 Chinese business heads.

MBA graduates are favored by local joint ventures and multinationals as well. These graduates can not only find jobs easily, but also can get relatively higher monthly salaries.

Shanghai Brewery Co., Ltd., once a major player in the beer market, is now facing closure. The reason for its dissolution can be attributed to the fierce competitions in the market in which Suntory, Budweiser and Qingdao are big players.

The city plans to step up efforts in turning Zhangjiang Hi-tech Park into a pilot area for technological innovation within five years, and making it the showcase of the development of the national bio-pharmaceutical sector and the software industry.

The Bank of Shanghai, one of the major commercial banks in the region, has introduced two new loaning services for local citizens: individual education loan and automobile consumption loan.

Two top international foreign banks, the Citibank Shanghai Branch and Bank of Tokyo-Mitsubishi, have signed contracts with their Chinese counterparts for inter-bank renminbi funding, which is likely to prefigure them conducting their own renminbi business in the future.

The 88-storey Jin Mao Tower, China's tallest building and the world's highest hotel, will officially open on August 28 in the city's Pudong New Area.

China's export container market continues to remain stable although slow moving with its index reaching 1,197.71 points on August 23, a slight drop of 0.9% over last week.

Shanghai's small businesses are to receive stronger support from relevant departments. The Bank of Shanghai, along with 20 other relevant units, jointly announced plans for a social service network for the sector.

Shanghai Sincere Department Store, one of the four original department stores established before the founding of the People's Republic of China, is now facing closure.

More than 600 rare and precious coins, ranging from the Qin Dynasty to the modern era and made of a variety of materials, will be auctioned off at a function scheduled to be held in the city on September 11.

Those who want to purchase tickets for performances held as part of the Shanghai International festival of Arts, can book tickets on the Internet (http://www.culture.sh.cn/sifac) or by phone.

Shanghai International Convention Center Hotel opened its doors for a soft opening, officially providing Shanghai's glittering skyline with another architectural gem.

Lotus Lantern, the much-hyped Chinese cartoon, is becoming a box-office smash. Its domestic box-office revenue has amounted to US$2.05 million.

A seminar aimed at providing training for Chinese CIOs (chief information officer) was held in Shanghai. It is co-sponsored by The Municipal Information Office, the Municipal Trust Company and ATC from the United States.

Shanghai is busy preparing for the convening of Fortune 500 Summit. About 280 overseas enterprises and 200 domestic ones are expected to participate in the annual forum.

Andersen Consulting, one of the largest management and technology consulting companies in the world, is poised to strengthen its position in the tough but promising Chinese market.

Shanghai is now funneling capital into the renovation of existing technologies and pillar industries to sharpen its competitive edge in the global market.

Hotel China '99 Shanghai, namely the International otel, Restaurant and Food-service Exhibition is expected to be held in Shanghai from August 25 to 28.

A five-day seminar, sponsored by the International Federation of Library Associations and Institutions, is being held in Shanghai. The theme of the seminar is to discuss how to make libraries accommodate to the rapidly changing demands of the world.

The 3rd International Electrical and Electronic Engineering Exhibition, also known as Elenex China 99, will be held from August 25 to 28 at ShanghaiMart.

The Shanghai-Beijing route ranks as the number one busiest flying route for airplanes in the country, a latest news release from the Civil Aviation Administration announced.

Shanghai will become one of the world' key convention cities in the next century thanks to it important economic position in China.

The weather this summer has presented a host of surprises to local residents: unusually heavy plum rain followed by a record cool summer.

No wine coming from the suspected four French regions that utilized cow blood albumen in the wine-making process was found during a recent inspection of big supermarkets and several major restaurants in Shanghai.

Since the beginning of this new academic year starting in September, over 60% of Pudong's kindergartens will provide English courses for kids.

The performance art in Shanghai is once again become popular. There are about 100 performances staged every month. 90% of them are operated by brokers.

Aout 380 new van-like taxis were put into use in Shanghai on August 5. Ranging from 0.6 ton to 2 tons in capacity, these vans with uniform taximeters are supposed to provide door-to-door goods-delivery services.

About 63 large- or intermediate-scale international exhibitions were successfully held in Shanghai during the first seven months this year. About 1,068 foreign exhibitors attended these exhibitions.

The Lotus Lantern, the first computer-animated Chinese-made cartoon that borrowed many features of Disney cartoons, became an immediate blockbuster after its premiere.

Shanghai Mobile Communications Company was officially established on August 1, which is widely considered as a significant step in the reconstruction of the city's telecommunications industry.

The municipal government has recently issued a circular governing the use of the national flat at foreign-funded enterprises in the city.

Hualian, one of the largest local supermarket chains, is now holding a two-month-long mini-table tennis contest at branches throughout the city.

Eleven construction companies won the bidding last week to participate in the city's project of reinforcing coastal embankments against high tides and storm rain caused by typhoons.

Dazhong Transportation Company will open two bus lines running between downtown areas and Pudong International Airport which is scheduled to open on October 1.

With the increasing use of DNA testing, judicial sources pointed out that people should think twice before asking for such test, especially when it involves a marital problem.

Shanghai's aviation industry is facing closure after a decade of flourishing, forming a sharp contrast with the city's thriving automobile industry that is noted for its introduction of jointly-manufactured Santana and Buick sedans.

Shanghai information industry generated products worth US$3.3 in the first half of this year, 23.3% over the same period during the previous year.

The demand for hospice service is rising in the city. China began its hospice program in 1996, 29 years after the first hospice-care hospital in the world was set up in London in 1967.

The Shanghai Municipal Government recently announced its plan to crack down on the illegal use of three-wheeled motorcycles which are most often used by the disabled for goods or passenger transportation as a means of making money.

Municipal correction centers are stepping up efforts to help young women involved in prostitution to turn over a new leaf. According to police statistics, since early May of this year more than 360 women guilty of prostitution have been arrested and sent to various correctional centers in the city.

Officials from the Municipal Bureau for Industry and Commerce are beefing up their efforts for an all-out crackdown on fakes, hoping to protect the interests of both global and local brands.

The number of patients suffering from mental illness as a result of practicing Falung Gong is fewer in Shanghai than in northern Chinese cities, according to records provided from Shanghai Mental Health Center.

Back>>>