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» August Shanghai Maglev Transportation Development Co.,Ltd was established with a registered capital of RMB 2.0billion invested by Shanghai Shentong Holdlings Co.,Ltd. And others 5 share holders (Shenergy (Group) Co.,Ltd., Shanghai International Group Co.,Ltd., Shanghai Baosteel Group Co.,Ltd., Shanghai Automotive Industry (Group) Co.,Ltd., Shanghai Electric (Group) Co.,Ltd.), (Later the registered capital increased to RMB3.0billion and the number of shareholders expanded to 7 with Shanghai Pudong Development Co.,Ltd as the 7th shareholder.)

» August 24 With the approval of the state council, the state planning commission officially ratified the Shanghai Maglev Demonstration Line Project Proposal Report.

» October Shanghai High-speed Transrapid Project Construction Headquarters was established and Mr. Wu Xiangming was appointed as commander with the official approval from the Shanghai Municipal government, hence commencement of the project was substantially ensured in terms of organization.

» November 20 the Feasibility Study Report of the Shanghai Maglev Demonstration Line Project was accomplished on schedule by the Chinese and German sides in cooperation and the report was submitted to the state planning commission via Shanghai Municipal Planning commission for approval.


» January 23 “contract of Supply and Service for Shanghai Maglev Line” at value of DM1.293 billion was officially signed between SMTDC and German Consortium consisting of Siemens AG, Thyssen Transrapid GMBH and Transrapid International GMBH. Vice Minister of MOST, Xu Guanhuan, Mayor of Shanghai ,Xu Kuangdi and other leaders attended the signing ceremony.

» March 1 Commencement ceremony of the construction of Shanghai Maglev Demonstration Line was held. Member of CPC Central Political Bureau and Municipal Party Secretary, Huang Ju pressed the pushbutton to start the construction, Mayor Xu Kuangdi and other leaders attended the ceremony.

» July 21 the casting of the first prestressed concrete guideway beam for the maglev project was completed, thus the beam processing base gradually forming the capability of guideway beam production.

» November 2 at the beam processing base a grand ceremony was held for transporting the first guideway beam of the Shanghai Maglev Demonstration Line. Premier Zhu Rongji and German Chancellor Gerhard Schroeder, in the company of their wives, were present and personally unveiled the beam.


» December 31 A grand ceremony was held for the inauguration of the Shanghai Maglev Train. The German Chancellor Gerhard Schroeder and Chinese Premier Zhu Rongji came to Longyang Road Station in person and cut the ribbon for its maiden trip.


» January 14 SMTDC, jointly with Shanghai Internation Commodity Auction Co.,Ltd., held a news comference at Fl. 2 Meeting Room of Longyang Road Station concerning the title crowning right of the first Maglev Train. SMTDC Deputy GM Song Xiaojun attended the conference and newsmen from major media were present.

» March 3 at the Longyang Road Station, Shanghai Xinhu Estate Development Co.,Ltd. succeeded in obtaining the title crowning right of the first maglev train for a period of two years at the price of RMB20.9 million after a fierce contest.

» July 14 two Maglev Trains succeeded in accomplishing their intercrossing on the double tracks at the max. Relative speed of 860km/h for the first time.

» October 11 passengers boarded and alighted for the first time at the Pudong International Airport Station during the Maglev Train’s revenue operation to the public.
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