Shenzhen aims to close to Singapore's GDP in five years

06:59, June 02, 2010      

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Shenzhen city wants to equal up its Gross Domestic Product (GDP) to that of Singapore. The Chinese metropolis is expecting in five years, to reach a GDP of 1.5 trillion yuan ($219.63 billion), stated a report by Wang Rong, the city's mayor at a conference Monday.

According to him, the citizens of Shenzhen will be able to enjoy a GDP per capita of $20,000 by 2015, the same level of some developed countries.

Last year, the city's GDP reached 820.1 billion yuan ($120.1 billion), ranking fourth in the Chinese mainland. GDP per capita in the city was $13,581 with the industrial structure optimized.

Since the past five years, the city has won national and international awards as well as attracting foreign capital, improving social welfare and reforming the administrative system.

Wang also pointed out that the competency of the city is a leading one in China now, and that for the next five years, it will take developed countries as example to gradually spread influence internationally.

In addition, plans to strengthen the city's status as an economic center in China, efforts to develop high-tech industries and attract national and international enterprises to invest in Shenzhen as well as developing strategic industries like internet, new energy and bioengineering are all in the surprise box. Minimum wage is also to be adjusted in the coming years.

Wang also stressed that a transparent government and a media playing its full role is crucial to realizing this audacious plan since the city's government suffered in the past due to corrupt leaders that blemished the city's image.

Such plan, said Wang, will be met with the strictest environmental protection level as well as a low-carbon target.

The government also vowed to help curb the housing prices (one of the highest among Chinese cities).
Zhang Yubiao, member of the National People's Congress (NPC), said that the city should change its economic development pattern.

Source: Global Times


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