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Shanghai Aims at 10-Percent GDP Growth Rate for 2002
Shanghai, the largest commercial and financial city in China, is aiming at a 10-percent economic growth rate in 2002, which would be the 11th consecutive year for a double digit growth rate.

The target was revealed recently by Huang Ju, secretary of the Shanghai Municipal Committee of the Communist Party of China (CPC).

This year, Shanghai's industrial sector plans to invest 68 billion yuan (8.3 billion U.S. dollars) in industrial projects andincrease its added value by 10 percent with a total profit of 43 billion yuan (5.2 billion U.S. dollars).

The gross domestic product (GDP) of Shanghai had increased to 495 billion yuan (60 billion U.S. dollars) from 89.3 billion yuan (10.8 billion U.S. dollars) during the l992-2001 period, showing an averaging yearly growth rate of over 10 percent.

The city also plans to use 6 billion U.S. dollars in contractual overseas investment this year, 1.3 billion U.S. dollars less than last year's figure.

Shanghai sets its export target at 29 billion U.S. dollars thisyear, 5 percent higher than that for 2001.

Economists believe the central government's policy of boosting domestic demand will also help Shanghai achieve its economic growth target, giving rising demand for housing and cars as examples.

(People's Daily February 19, 2002)

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