The aim of this South China city is to have a GDP of more than 1 trillion yuan ($128.21 billion) by 2011, Guangzhou Mayor Zhang Guangning has said.

In his annual work report to the ongoing municipal people's congress, the mayor said Guangzhou's economic development had been very bullish and its per capita GDP was expected to top $13,000 by 2011, much more than the benchmark $10,000 for a developed economy, if only its registered permanent residents were taken into account.

Related readings:  Guangzhou aims to become digital city Guangzhou achieves developed city status Guangzhou per capita GDP exceeds US$10,000

The capital of Guangdong Province is expected to optimize the economic structure in the next few years by expediting the development of high-tech industries, such as software and bio-medicines, and consolidating the development of the automobile and petrochemical industries.

The city's objective is to realize an annual software industrial output of 110 billion yuan ($14.1 billion) by 2010, and bio-medicine output of 100 billion yuan ($12.82 billion).

"High-tech industries should be developed so that they can be a key driver of the economy The city's aim is to become a technological innovation and software and bio-medicine center in South China and even in the entire country."

The city will expedite the development of its manufacturing-orientated service industry, too, he said. The advantages its airport, harbors and cyberport enjoy can be maximized for a faster development of the tertiary sector, directed primarily toward the manufacturing industry.

Guangzhou will do more to support private enterprises to help them grow and account for at least one-third of its output.

The GDP target set for this year is 12 percent growth over the 600 billion yuan ($76.92 billion) for last year.

Investment in fixed assets this year is expected to grow 8 percent over 2006; consumer retail and exports volume are expected to grow by 12 percent each; and foreign capital inputs are expected to grow by 8 percent.

The Director of the Regional Economy Research Institute under the Guangzhou Academy of Social Sciences, Yang Zaigao, is optimistic about the city's blueprint for development.

"Guangzhou's per capita GDP was 69,000 yuan ($8,846) in 2006 if only its registered permanent residents were counted, and the average annual income of the people was over 30,000 yuan ($3,946),"Yang said. "So Guangzhou residents will be able to have an average annual income of about $5,000 in 2011.

"One out of every five families will own a car and the per capita living space would reach 20 square meters," he said.                                                    

(For more biz stories, please visit Industry Updates)