SHANGHAI pledged to increase gross domestic product to more than two trillion yuan (US$276.3 billion) in the next five years, the city mayor said today. Per capita GDP is expected to surpass 100,000 yuan by 2012, Mayor Han Zheng said at the annual plenary meeting of the Shanghai People’s Congress this morning. The service industry, which will be the heart of the city’s economy by then, is expected to account for more than 80 percent of GDP in urban areas, Han said. The added value of the service industry aims to exceed 1.1 trillion yuan by 2012, Han said. The city will also continue providing financial support for innovation and scientific research to boost economic development, Han added. Research expenditures will increase to three percent of the city’s total GDP, Han said.

Source: City’s GDP to surpass 2 trillion yuan in 5 years

via Shanghai Daily: Metro by Lydia Chen on 1/24/08