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Shanghai's GDP to grow by 8% or more in 2010

2010. 12 January

( Shanghai, China's financial hub, is predicting GDP growth of more than 8% in 2010, the official Xinhua News Agency reported yesterday.

The target GDP growth rate is suitable for Shanghai, said Party Secretary Yu Zhengsheng Saturday said at a one-day session of the Shanghai Committee of the Communist Party of China.

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

Shanghai's GDP growth rate for 2009 has been estimated at over 8%, a little lower than the national average. Total retail sales of consumer goods rose by about 14% and growth of fixed asset investment was about 10%.

Preparing for the 2010 Shanghai World Expo is the government's most important task this year, said Yu, adding that the government needs to ensure a successful, wonderful and unforgettable Expo.

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