The Shanghai Astronomical Observatory, Chinese Academy of Sciences, in collaboration with the Czech Technical University, carried out the experiment of satellite laser ranging with sub-centimeter precision in Shanghai in August 2001. A pico-second event timer was used for the measurement of the time interval between the transmitted and returned laser pulses for Lageos 1, 2, Starlette, Stella, Topex/Poseiden and ERS-2 in coordination with the existing laser transmitting and receiving system at the Shanghai Observatory. The analysis of the measurement showed that the single-shot ranging precision with these satellites is 7–8 mm. In order to compare ranging precision, the existing ranging system has tracked simultaneously these satellites and obtained the ranging precision of 12–15 mm. It means that the ranging precision with the new system is 80% better than the existing system. The systematic biases with the existing system have also been checked in the experiment.