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Shanghai is ranked top in economic competition

03-01-2011 15:49 BJT

BEIJING, March 1 -- Shanghai is ranked top in terms of comprehensive economic competitiveness among all China's provinces and municipalities, according to a survey released on Monday by the Chinese Academy of Social Sciences.

It is followed by Beijing and Jiangsu Province.

The finding highlights Shanghai's better infrastructure and great potential despite recent moderation in the city's economic growth rate, said Li Maoyu, a Changjiang Securities Co analyst. "The established infrastructure and the great policy support to build Shanghai into a global financial center are the city's strength in economic development," Li said.

Shanghai's gross domestic product expanded 9.9 percent from a year earlier to 1.68 trillion yuan (256 billion U.S. dollar) in 2010, the third consecutive year below the national average, which was 10.3 percent last year.

Cai Xuchu, chief economist at the Shanghai Statistics Bureau, said earlier that a high comparative base was the main reason for the slower growth rate and it was almost impossible for the city to keep expanding at double-digit rates.

Meanwhile, the economic output of some Chinese provinces has eclipsed that of some developed countries, according to the survey which was carried out to address the importance of environment over economic development.

"The economic size of some Chinese provinces has become equivalent to that of an advanced foreign country," said Li Minrong, one of the survey's authors.

The economic output of Guangdong, Jiangsu and Shandong provinces would be in the world's top 20 if they were treated as a single entities, surpassing that of Belgium, Sweden and Austria, Li said.

Other survey results showed that Yunnan Province was the richest in natural resources, while Shandong was the strongest in environmental management.

Chinese Premier Wen Jiabao said during an online exchange with the public on Sunday that improving people's living standards was a top priority in the 12th Five-Year Plan which started this year, and the annual GDP target for 2011-2015 is being set at 7 percent, lower than the 7.5 percent for the previous five years.

Editor:Xiong Qu |Source: Shanghai Daily

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