Shanghai Unveils Plan to Boost CompetitivenessShanghai, China's most dynamic city, will take stronger measures to increase its competitiveness in the new century.According to a plan announced by the municipal government, the city will focus on economic system reform and high-technology revolution in the coming years. Shanghai is often seen as China's economic locomotive. The city generated 455.1 billion yuan (US$54.8 billion) in GDP last year, up 10.8 percent over 1999, higher than the national average of 8 percent. According to the plan, the city will create a system to encourage scientific inventions by using more venture capital. By 2005, technological advancement will contribute to 55 percent of the city's economic output. The plan says that Shanghai will open more sectors to foreign business, including the information industry, finance, commerce, real estate and auto manufacturing, after China joins in the WTO. The city will develop some new industries, such as bio-medicine, new materials, environmental protection and modern logistics. The plan reveals that the city will improve the service industry, boost the securities market, credit loans and insurance, and create a fair and open market environment. The city will continue to upgrade its infrastructure, build an international sea and air transportation hub and an information center. It will also step up environmental protection. Moreover, Shanghai will build an economic performing system in line with international norms, so as to attract more multinationals to invest in the city. |
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