Rapid economic growth over the next five years will turn Shanghai
into an international metropolis, Mayor Xu Kuangdi said at the
fourth plenary session of the city's 11th People's Congress
yesterday.
"The city
still faces many difficulties, although it has made a number
of achievements in the past five years," Xu said.
He said the local
business environment needs to be improved, more jobs created,
farmers' incomes raised and the social security system developed.
"All these
problems will be overcome by a faster economic growth rate,"
the mayor told congress deputies.
In his report on
the city's economic and social development, which was delivered
to the congress, Xu said the city's gross domestic product
(GDP) is expected to grow by 9 to 11 percent in each of the
next five years.
"If the goal
is reached, the city's GDP will total 730 billion yuan (US$88
billion) in 2005," the mayor said. By then, per capita
GDP will reach 54,000 yuan (US$6,510) - much higher than last
year's 34,560 yuan (US$4,165).
To fulfill the
objective, the city government plans to invest 1,000 billion
yuan (US$120 billion) between 2001 and 2005 in local fixed
asset projects.
According to Li
Liangyuan, director of the city's Development Planning Commission,
about 190 billion yuan (US$22.9 billion) will be spent on
the projects this year.
The big financial
input aims to improve the city's competitiveness and prepare
for the challenges likely to be faced after China's accession
to the World Trade Organization.
"The existing
industry will be restructured to meet the challenges,"
the mayor said.
Over the next five
years, the city will develop information technology, finance,
commerce and trade, automobiles, manufacturing and real estate
into its six new pillar industries.
"They will
become a major part of the city's growing economy," said
the mayor.
Four growing industries
including biomedicines, new materials, environmental protection
and transport will be encouraged to develop. Priorities will
also be given to developing the petrochemical and iron and
steel industries.
As China's economic
center, Shanghai will pay particular attention to developing
its banking industry focusing on the stock market, foreign
currency exchange and insurance, Xu said.
(China Daily 02/08/2001)
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