Shanghai has progressed from a moderately developed city into a developed one when its per capita gross domestic product (GDP) surpassed US$4,000 in 2000.

It is time for Shanghai to shift its development focus from industries to all-round development, said Mayor Xu Kuangdi.

According to the new plan, Shanghai will continue its economic reforms and further adjust its industrial structure.

The economy will maintain its rapid annual growth rate of 9 to 11 percent in each of the next five years. Its GDP will have grown to 730 billion yuan (US$88.06 billion) by 2005.

Shanghai will keep its position as China's financial center and become an international economic and trade center.

The city will step up its development of the stock, foreign insurance and other finance-related markets. The framework of a re-insurance market will also be built, according to the plan.

The annual growth rate of the financial industry will top 15 percent in the next five years.

The development of a modern information industry is at the top of the city's agenda. The revenue from this sector will grow rapidly and account for 13 percent of the city's GDP in 2005.

The Internet will be used by 50 percent of the Shanghai population within the next five years.

Shanghai also aims to develop its shipping industry. By the year 2005, the volume of imports and exports passing through local ports is expected to be worth US$180 billion.

Besides concentrating on economic development, Shanghai will improve its environment and make the city a better place to live in.

The local government will invest more than 3 percent of the city's GDP in environmental protection.

(China Daily 02/15/2001)