Shanghai to base growth on service industry

SHANGHAI: The city's mayor said yesterday he expects the local economy to reach 2 trillion yuan ($277 billion) by 2012.

Mayor Han Zheng said in his work report that GDP in the financial hub grew by an estimated 12.6 percent to 1.2 trillion yuan last year.

By 2012, GDP per capita will be more than 100,000 yuan for Shanghai's permanent residents, he said.