Shanghai’s economy grew 10.1 percent in the first three quarters and the city will closely watch development’s in the global economy, city mayor Han Zheng said today.

“Shanghai continues with its healthy, stable and smooth development,” Han said when meeting with visiting Netherlands Prime Minister Jan Peter Balkenende.

Investment in the period rose stably and the consumer price index, the main gauge of inflation, grew 6.7 percent for the thirst three quarters, Han said.

Fixed-assets investment grew 4.8 percent in the first three quarters to 326.9 billion yuan (US$47.7 billion), according to the Shanghai Statistics Bureau.

The disposable income of both urban and rural residents rose by double digits in the first three quarters, Han said.

Rural residents had disposable income growth of 11 percent in the first three quarters, according to the Shanghai Statistics Bureau.

Shanghai government will closely watch economic developments in the coming two months amid the global financial crisis, Han said.

There are about 40,000 foreign enterprises in the city.

Source – Shanghai Daily