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Transformation powers city's growth, Yu tells Party congress

Shanghai managed to transform its economic structure over the past five years and achieved major breakthroughs in building itself into an economic, financial, trade and shipping center, Shanghai Party Secretary Yu Zhengsheng said this morning.

In a report to the delegates attending the Communist Party of China Shanghai Congress that opened today, Yu said the city has successfully bolstered the service sector, slashed energy consumption and increased research expenses during the 2007-2011 period.

Growth of the services industry outpaced that of the manufacturing industry in 2011, while the contribution of the real estate industry to the city's gross domestic product dropped to 5.3 percent last year, compared with 7.3 percent in 2006, Yu said.

The city posted an average 10.3 percent of GDP growth during the past five years with local fiscal revenue rising 16.5 percent per year on average, he noted.

Shanghai has also developed one of the world's most sophisticated financial markets and stepped up efforts to forge an international shipping center with innovative products and services, Yu said.

Some 810 delegates elected from the city's 1.82 million Party members attended this year's congress with main topics on innovation-driven growth and economic restructuring. The congress will run through Tuesday.

Delegates are encouraged for the first time to make proposals for the Party to improve its work. At least 70 proposals are expected, according to Feng Xiaomin, deputy director at the organization department of the CPC Shanghai Committee.


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