Shanghai's Pudong New Area will push for its economic growth to reach 11 percent this year by further developing the advanced services sector, the district government said yesterday.

Gross domestic product of Pudong, home to the Lujiazui financial zone, reached 151.64 billion yuan (US$22.6 billion) in the first half of this year, up 11.9 percent year on year, the district government said.

Pudong's economy accounted for 23 percent of Shanghai's first-half GDP, which hiked 10.3 percent from a year before. Pudong's service sector chalked up output of 81.69 billion yuan in the six months, accounting for 53.9 percent of the district's total GDP.

First-half fiscal revenue in Pudong amounted to 17.32 billion yuan, up 27.8 percent year on year, which was 2.1 percentage points higher than the city level.

Pudong will continue to develop its advanced service industry and will wrap up construction of 1.1 million square meters of properties in the Lujiazui Finance and Trade Zone this year, the district government said.

Pudong also aims to clinch foreign-investment contracts of US$4.95 billion in 2008 and lure domestic investment of about 10 billion yuan, according to the district government.

Shanghai will soon launch a detailed guideline on how to build up the city into an international financial hub.

Pudong will set up the country's first data back-up center for small and medium-sized financial institutions and woo more asset management firms, investment banks and private equity firms, the government said.

The district said it will continue to attract multinational companies to set up regional headquarters. Twelve MNCs established their regional headquarters in Pudong in the first half, bringing the total number to 108 in the district.

Pudong will also encourage the development of the advanced manufacturing sector and simplify approval processes to attract greater private investment, the government said.

(Shanghai Daily July 31, 2008)