"The city will strive to maintain an average annual growth rate of 10 per cent in the coming five years," Mayor Yu Youjun said in Beijing yesterday.

By 2005, the city's gross domestic product (GDP) is expected to reach 280 billion yuan (US$33.7 billion) and per capita GDP is expected to hit US$7,000.

Shenzhen will be able to call itself "modern" by 2005, become even more developed by 2010 and catch up with developed countries by 2030, said Yu.

To achieve that goal, we have to stick to reform and opening-up policies, he said.

"We have to depend on ourselves to develop the city's economy," he said, adding foreign investment had played a driving role in the city's economic development.

The city has had foreign investment of more than US$20 billion between 1980 and 1999. A total of US$12.3 billion has been invested from abroad in the last five years.

Foreign investors from 67 countries and regions have set up more than 14,000 companies in the city.

Although the actual utilization of foreign investment has declined by 1 percent in the first six months of this year compared to a year ago, the direct foreign investment rose 10 percent because new foreign companies came to invest in the city and existing foreign companies expanded their investment.

The city expects an increase in its actual utilization of foreign investment in future, according to Vice-Mayor Li Decheng.

Yu said Shenzhen also has to fight corruption to achieve its economic goals.

Local governments have also established a mechanism to prevent corruption. "The municipal government will beef up its efforts to punish public servants who are corrupt," Yu said.

He dismissed rumours that many public servants in the city had been arrested.

"Only a few were questioned by the disciplinary committee," he said.

Yu said the city would also step up the fight against prostitution, gambling and drug trafficking, which harmed the city's investment climate and social environment.

"We do not allow and will not allow the existence of such problems," he said.

According to the mayor, Shenzhen has grown from an undeveloped small town into a modern city since the special economic zone was established 20 years ago.

(China Daily)