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Rapid economic growth over the next five
years will turn Shanghai into an international metropolis,
Mayor Xu Kuangdi said at the fouth plenary session of the
city's 11th People's Congress Wednesday.
"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
needed 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 per cent 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 fulfil 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 (WTO).
"The existing industry will be
restructured to meet the challenges," the mayor said.
In 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 develop the petrochemical and iron and
steel industries.
As China's economic centre, Shanghai will
pay particular attention to develop its banking industry
focussing on the stock market, foreign currency exchange and
insurance, Xu said.
(China Daily by Hu Yan)
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