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Yu: Economic restructuring powers Shanghai's growth

Shanghai has managed to alter its economic structure in the past five years, and achieved "major breakthroughs" in developing itself into an economic, financial, trade and shipping center, Shanghai Party Secretary Yu Zhengsheng said today.
In a speech delivered to the delegates of the congress of the Communist Party of China Shanghai Committee that opens today, Yu said that the city has successfully bolstered the services sector, cut 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 annual growth in GDP during the past five years, with local fiscal revenue rising 16.5 percent on average per year, according to Yu.
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, whose key themes are innovation-driven growth and economic restructuring. The congress will run through Tuesday.
To better serve their responsibility, delegates are encouraged for the first time to deliver proposals to improve the works of the Party. 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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