The first annual development report for east China's metropolis Shanghai was released Thursday, pointing out new strategies to build the city into an international economic, financial, trading and shipping center by 2020.

The Development Report on Shanghai International Economic, Financial, Trading and Shipping Center was released by the municipal Development and Reform Commission and the municipal Development and Reform Institute.

The report reviews the efforts and progress in building Shanghai on four fronts and makes proposals for future development.

Shanghai set the goal of becoming the center in the four areas in 2009.

At the ceremony marking the release of the report, scholars gathered to discuss Shanghai's development.

In terms of becoming an international economic center, Jiang Yingshi, president of the Shanghai Society of Macroeconomics, said that Shanghai should draw on the World Expo effect to enhance its service-oriented economy, regional integration, and cultural development.

To become an international financial center, Xiao Lin, deputy chief of the municipal Development and Reform Commission, said that the key task in the next decade is for Shanghai to become the RMB products trading and investment hub with world class financial services.

In terms of becoming an international trading center, Yuan Zhigang, economics professor at Fudan University, said that efforts should be made to develop high end products and build Shanghai into a shopping paradise.

In terms of becoming an international shipping center, scholars pointed out the importance of a modern shipping service system.

The development report will be released every year starting in 2010 to keep track of each breakthrough along the way, said Xiao Lin.