Construction work on what will be the world's tallest building will start this year in Shanghai.

Media reports say the Shanghai Development and Reform Commission has ratified the project proposal for Shanghai Center which will be located in the city's Pudong district.

The 580-meter-tall edifice will have 118 stories. It will be 72 meters higher than the Taipei 101 Tower, currently the tallest building in Asia at 508 meters.

The Shanghai Center also will be 25 meters higher than the 555-meter-tall Burj Dubai skyscraper, which is still under construction.