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Shanghai Targets Economic Growth Rate of 8% in Expo Year
Jan 11,2010 09:02CST
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BEIJING, Jan. 11 -- Shanghai has set a GDP growth rate target for the year of more than 8 percent, almost the same as 2009's economic development rate.

Party Secretary Yu Zhengsheng yesterday announced the target at a one-day session of the Shanghai Committee of the Communist Party of China.

He added the growth rate of value-added output from the service industry should be much higher than the GDP rate.

The city didn't set a higher GDP goal because it wanted to put more effort into restructuring the economy than simply seeking more GDP growth, Yu told the meeting.

The city's GDP growth was estimated to be more than 8 percent last year, a little lower than the average national level. Total retail sales of consumer goods rose by about 14 percent and growth of fixed assets investment was around 10 percent in 2009.

Yu said the targeted rate was a suitable development speed for Shanghai, which was hit by the global financial crisis during its economic restructure transition.

He told the session that the World Expo 2010 Shanghai was the most important task for the government this year.

It requires not only coordination of all districts and departments but also active participation and devotion by citizens, he said.

"We should spare no efforts to ensure a successful, wonderful and unforgettable Expo," he said.

"We should make full use of the opportunity to stimulate investment and consumption, enhance friendly cooperation with the world and build a city with international influence."

Yu emphasized the importance of security during Expo. He requested government officials to strengthen anti-terrorism efforts, guarantee food and drug safety and quality, and keep monitoring and preventing public health events, such as outbursts of swine flu.

To enhance transport during Expo, the government will continue a series of infrastructure works. More Metro lines and cross-river projects will be completed this year.

Construction of the Bund, Shanghai-Nanjing inter-city railway and the Hongqiao transport hub are planned to be finished this year.

Yu stressed that government officials should consider people's interests at all time and listen to their advices. He said the government should reduce impact on life during Expo as much as possible.

Also, Yu said regulation and control in the real estate market will be improved to help it develop in a healthy and sustainable way. And 500,000 new jobs will be created to keep the unemployment rate around 4.5 percent.

China economy macroeconomy

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