Shanghai sees target in sight

SHANGHAI is confident of achieving the target of 7.5-percent economic growth this year, officials and economists said yesterday on the sidelines of the annual session of the Shanghai People's Congress.

Huang Renwei, a legislator and vice president of the Shanghai Academy of Social Sciences, said the conditions have become more favorable in three areas for the city.

"First, investment will increase this year after a structural decline following the peak of 2010 when Shanghai hosted the World Expo," Huang said. "The investment is expected to be powered by big projects like construction of the Disneyland park and the Hongqiao Business Park, as well as the development of strategic industries like shipping, jumbo jet manufacturing and environment protection."

The improving external conditions may also boost Shanghai's gross domestic product, Huang said. "We should not be too optimistic, but at least, the conditions will be better than last year."

Another area Huang pointed out as positive for Shanghai is stronger consumption as people's rising income climbs.

Li Xunlei, chief economist of Haitong Securities Co, said Shanghai should develop quickly its core sectors.