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Economic shift proposed for Shanghai's future


08:46, October 31, 2012

BEIJING, Oct. 30 (Xinhuanet) -- New research is suggesting a marked shift is needed in Shanghai's future priority industry sectors if the city is ever to achieve its goal of becoming one of the world's top international cities.

The study, from Shanghai-based Warton Economic Institute, said city officials need to change the city's previous strategy of building international centers, or its "Four Centers", for economy, trade, finance and shipping, and set new targets that add more, what it calls, "people-oriented elements".

Revealing the findings exclusively to China Daily, Shen Hanyao, the president of Warton, said four new centers need to be established, prioritizing the economy, science and education, culture and entertainment, and medical treatment and health.

"Promoting the all-round development of people, and building the 'Four New Centers', points to a restructuring and upgrading of the city for a new era," the report suggests.

Its findings reveal Shanghai's GDP rose by 8.2 percent year-on-year to hit 1.92 trillion yuan ($304 billion) in 2011, or $12,784 per capita, close to developed economies' levels.

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