10% growth forecast for Pudong

SHANGHAI: Pudong New Area, Shanghai's flagship development zone, will maintain double-digit economic growth next year, despite the global financial crisis, its top official said yesterday.

Unlike some coastal regions where manufacturing and exporting are the main industries, Pudong has not been hit by major company closures or large-scale layoffs, Party chief Xu Lin said at a press conference.

The sharp decline in demand from the West has had a devastating effect on labor-intensive companies, but as Pudong is home to mostly finance, hi-tech and logistics firms, it has not been affected in the same way, he said.