Shanghai's software and IT service industry's revenue will hit 300 billion yuan (US$45.4 billion) this year, an annual 20 percent growth, thanks to growing sectors such as cloud computing, Shanghai Municipal Commission of Economy and Information Technology said yesterday.

In 2010, revenue in the industry was 253. 20 billion yuan, a 20.1 percent increase year on year. The industry's output was 90.35 billion yuan, or 5.4 percent of the city's total gross domestic product, the commission said.

By the end of last year, Shanghai had 173 IT service and software firms boasting annual revenue more than 100 million yuan each. Among them, 16 firms have annual revenue of 1 billion yuan each, said Shao Zhiqing, vice director of the commission.

"In the next 12th Five-Year Plan, we will develop Shanghai as an intelligent city focusing on cloud computing and financial IT services," Shao said.