Shanghai Sets 2012 GDP Growth at 8 Pct

SHANGHAI, Jan. 12 -- Shanghai, China's economic center, aims to increase its gross domestic product (GDP) by 8 percent year-on-year in 2012, a government official said Wednesday.

Shanghai Mayor Han Zheng made the remarks at the ongoing fifth session of the 13th Shanghai Municipal People's Congress, the local legislative body.

Han didn't elaborate on how much this year's GDP will be, only noting that Shanghai registered a GDP growth of above 8 percent in 2011, about 2 percentage points lower than the 9.9 percent growth in 2010.

Shanghai's GDP in 2010 was 1.69 trillion yuan (267 billion U.S. dollars).

Shanghai's financial revenue will also increase by 8 percent this year compared to last year's 19.4 percent growth, Han said.

Han said Shanghai will create 500,000 new jobs this year to put the unemployment rate below 4.5 percent.

Although the property market slowed in 2011, Shanghai plans to build government-subsidized housing of 11 million square meters for low-income residents this year, Han said.