Shanghai tipped to double its GDP per capita by end of the decade

Shanghai is expecting to double its Gross Domestic Product (GDP) per capita by 2010 on the back of robust economic growth.

The city's GDP per capita was expected to reach US$10,000 (HK$78,000) by the end of the decade, double this year's mark of US$5,000, He Qinghua, from the Shanghai Municipal Development Planning Commission, told the China Daily.

Shanghai was on target to become the first mainland city to reach such a level of GDP per capita, according to another official from the commission.

According to statistics, the national average is US$4,300. China ranked ninth among Asian countries and regions. Hong Kong ranked second with a GDP per capita of US$25,000 and Taiwan fifth with US$17,200 last year. Beijing's GDP per capita this year is US$3,000, according to state media.

The central government has set a target of 9 to 11 per cent GDP growth every year until 2005.

Mr He said the Shanghai government was confident the city would maintain its rapid growth, buoyed by successes such as gaining the right to host the 2010 World Expo. Mr He said the government would release a revised blueprint for Shanghai's development in the coming eight years by March.