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Mayor says city's economy on 'stable recovery track'

SHANGHAI targets economic growth of more than 8 percent for this year with a focus on advanced manufacturing and high-tech industries, Mayor Han Zheng told the city's annual legislators' meeting today.

"Shanghai's economy is on a stable recovery track and the city is facing a crucial movement to accelerate upgrading its economic structure," Han said at the annual session of the Shanghai People's Congress.

The city's gross domestic product grew 8.2 percent over 2009. Growth recovered strongly to 11.2 percent in the fourth quarter after slowing sharply to 3.1 percent in the first quarter.

Han said that the city will transfer more high-technology achievements into real projects to boost its innovation abilities. Shanghai will also spend more in developing manufacturing of nuclear power, transport equipment, biomedicine, microelectronics and new energy vehicles.

Shanghai will start to build four million square meters of "budget homes" and eight million square meters of homes for relocated families this year, Han said.

The city will also create 500,000 new jobs this year and caps its jobless rate at about 4.5 percent. Local fiscal revenue will expand by 8 percent.

Shanghai's investment in research and development is expected to account for more than 2.8 percent of the city's GDP this year. Investment in environmental protection will make up about 3 percent of GDP.

Construction of Metro Lines 11 (south phase), 12, and 13 will start this year while the total length of subway in operation will reach 430 kilometers.


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