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Economy 'better than expected' - mayor

SHANGHAI'S economy is better than expected in the first quarter with positive signs of economic recovery, mayor Han Zheng said today.

"The central government's stimulus measures are taking effect as the Shanghai economy is showing positive signs in the first quarter," said Han when meeting Seoul Mayor Oh Se-hoon today in Shanghai.

"The economy is confronting lots of uncertainties, but we are confident that we can keep the stable and relatively fast growth of the Shanghai economy," Han said.

Shanghai is aiming for an economic growth of 9 percent this year while China is targeting growth of 8 percent.

"The target is challenging and needs more effort but we are confident we will make it," Han said.

No economic details for Shanghai were available.

Oh said China's economic growth can help stabilize the Asian economy.

China in November announced a 4-trillion-yuan (US$586 billion) stimulus package to revive economic growth. The Shanghai government has also taken measures including giving more credit support to smaller businesses to arrest the slowdown.

Han said the financial crisis had pushed Shanghai to improve its economic structure. Shanghai is aiming for a modern services industry and advanced manufacturing sector to gain competitiveness internationally.


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