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City announces new five-year plan
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THE city yesterday published the outline of an ambitious five-year development plan approved by local lawmakers, vowing to hike residents' disposable income by 8.7 per cent each year.
Besides highlighting the strategy of relying on high technology, the new five-year plan for 2001 to 2005 will shift Shenzhen from a manufacturing and trade-based economy to one which relies on the service sector.
As a tacit admission that the city is working on measures to attract Hong Kong people to buy homes in the city, the plan says the city will be made “an extension for Hong Kong people's living and working place".
In a move that seems to reduce government control on enterprises, the plan indicates most of the existing State-owned enterprises will be restructured as standard joint stock companies where the government is only one of the shareholders instead of the sole owner.
During the last five-year plan period, the city's GDP grew by 15 per cent each year, with the per capita GDP topping the whole country in 2000.(SD News)
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