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Shanghai targets 8% GDP growth in 2012

Jan. 13, 2012 (China Knowledge) - Shanghai, the country's economic hub, has set a target of about 8% growth in its gross domestic product this year, said Mayor Han Zheng at a meeting.

Han said that the city recorded a GDP growth of more than 8% in 2011, about 2 percentage points lower than that in 2010 when the city's GDP expanded by 9.9% year on year to RMB 1.69 trillion.

The city aims to realize an increase of about 8% in fiscal revenue this year, much lower than the 19.4% growth in 2011, according to Han.

This year, the city plans to start construction on 11 million square meters of government-supported properties for low-income residents, down from 17 million sq m in 2011.

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