4 Shanghai to preserve its industries

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4 Shanghai to preserve its industries

Feb. 17, 2016 (China Daily) -- The municipal government of Shanghai has pledged to prevent manufacturing from declining too quickly in China's largest business city. By the end of 2014, the latest year for which figures are available, the city had more than 24 million permanent residents equivalent to the population of Australia. As befi ts a municipality of this size, service industries have increasingly begun to eclipse manufacturing's contribution to local GDP, but the latter should still contribute at least 25 percent, according to the city's 13th Five-Year Plan (2016-20). This year, municipal officials are aiming to achieve a GDP growth rate of between 6.5 and 7 percent year-on-year. However, according to Tang Huihao, chief economist at the municipal bureau of statistics, it will be hard for Shanghai to achieve sustainable growth in its modern service industries without a solid manufacturing base.