Shanghai Mayor Han Zheng yesterday gave a positive reading of the city's economy to foreign business leaders, despite the global economic crisis and expectations that the mainland's commercial capital could be hit hard in the coming months.
Shanghai's economy grew 10.1 per cent in the first nine months of the year, the mayor said.
The city has not announced a change to its forecast for full-year growth of around 10 per cent.
'We have confidence in maintaining the momentum of Shanghai's stable, sustainable economic and social development,' he said.
However, Mr Han admitted that Shanghai would not be entirely insulated from the economic meltdown, saying there were early signs of a slowdown in the third quarter.
The city is highly dependent on exports and financial services.
'Shanghai is more connected and accessible to the global economy and therefore it is exposed to the dramatic changes of the external economic landscape,' he said.
