The Shanghai government will raise a ¥10 billion fund for the growth of the city's hi-tech sector that is projected to produce ¥1.1 trillion worth of goods and services by 2012. The state-owned banks led by Industrial & Commercial Bank of China (SHA: 601398, HKG: 1398), the world's largest lender by market value, have promised to lend a combined ¥100 billion for the economic pillars. By 2012, the software and information outsourcing industry is expected to be worth ¥360 billion; the marine engineering industry is expected to be worth ¥150 billion the pharmaceutical industry is expected to be worth ¥85 billion; the renewable energy industry is expected to be worth ¥50 billion; the aero manufacturing industry is expected to be worth ¥20 billion.
$1 = ¥6.8
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