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Shanghai targets 9% economic growth in 2009

(Xinhua)
Updated: 2009-01-13 14:04

Shanghai is hoping to score a nine percent increase in gross domestic product (GDP) this year, said Mayor Han Zheng.

While delivering a work report to the annual meeting of the municipal people's congress that opened on Tuesday, Han also set a six percent increase target for local revenue in 2009.

"Shanghai might have more difficulties in economic development this year, but 2009 might also be a year that presents major opportunities," said the mayor.

The mayor said the global financial crisis has yet to bottom out and its adverse impact on the economy has worsened as it ripples across the globe.

But Han remains hopeful.

"The trend of economic globalization (unlike the financial crisis) will not be reversed, nor will the progress of the world's science and technology, or the trend for reorganization of international means of production or industrial transfers," he said.

Han also pledged to spend more on research and development and make efforts to keep the rate of urban registered unemployment around 4.5 percent.

"While spending in environmental protection will continue to be equal to three percent of the city's GDP, we will also work harder to bring down energy costs and ensure that disposable income for urban and rural families keeps growing in the year," he said.

Last year was a hard year for Shanghai in terms of economic development, but the city managed to achieve an estimated GDP growth of 10 percent, and raked in 238.2 billion yuan ($34.77 billion) in local revenue, up 13.3 percent from a year ago, according to Han.

The consumer price index rose by 5.8 percent from that of 2007. Retail sales of consumer products rose by 17.9 percent. The city continued to see improvement in investment structure and achieved 17.7 percent increase in exports in the same year.