Shanghai's economy has now become service-dominated, as the sector accounted for nearly half of the metropolis' gross domestic product (GDP) in 1999.

Analysts say this represents Shanghai's transition from China's leading industrial center to a more modern economic hub.

Official statistics show that the service sector achieved more than 200 billion yuan in added value last year, up 13 percent from the previous year, and compared with a nine percent growth in the secondary industry.

Over the past two decades, the proportion of the service industry in the local economy grew from 18.6 percent to 49.6 percent, while that of the secondary industry dropped from 77.4 percent to 48.4 percent.

Shanghai began a massive economic restructuring drive in the early 1980s, and later set the goal of becoming an international financial, information, and trade and shipping center.

The municipality saw a hefty economic growth of 10.2 percent last year, outstripping the national growth rate of 7.1 percent. Shanghai's GDP last year was 403.5 billion yuan. (Xinhua)