Members listen to a report by Shanghai Mayor Han Zheng during the 22nd International Business Leaders' Advisory Council meeting yesterday. Han told them of the city's investment in key innovative industries over the next three years and the strategic sectors that would help Shanghai reach its goal of becoming a global financial and shipping center by 2020.

Shanghai Mayor Han Zheng said?on October 10?that 100 billion yuan (US$14.9 billion) was expected to be poured into key innovative industries in the city over the next three years.

"Shanghai will push forward the industrialization of high technology and beefing up its strategic emerging sectors," Han told the 22nd International Business Leaders' Advisory Council. "It's a must choice for Shanghai to shift its growth model from investment-driven to innovation-driven."

Bio-pharmaceuticals, new energy, new materials, information technology and high-end manufacturing are among the strategic sectors Shanghai is reaching for in its aim to become a global financial and shipping center by 2020.

Output of the emerging strategic industries is expected to double by 2015, Han said.

To achieve the aim, Shanghai will make full use of its education, leading professionals and technology to further the commercialization of high-tech and emerging sectors in pursuit of a new growth engine, he said.

Shanghai's 10 billion yuan government fund to boost the industrialization of the high-tech sectors is expected to bring 100 billion yuan of investment in total by attracting private and state-owned businesses.

Meanwhile, an expanding public transport system will speed Shanghai's rise. The city is targeting Metro coverage of about 600 kilometers by 2015 from the current 420 kilometers.

Growing greener is also among the mayor's priorities.

Shanghai, once manufacturing-heavy and exports-oriented, is throwing the weight of its economy behind a push to build an advanced manufacturing industry and modern services industry.

Han outlined the city's ambitions at the council meeting yesterday when leaders from the world's top corporations gathered to discuss how the city can push forward innovation in its pursuit of sustainable and balanced growth.

The theme of the meeting this year is "To Build Shanghai as a Vibrant and Innovative City."

A global perspective, global branding and an efficient public transport system are on the list of ideas from the business leaders.

They also advised Shanghai to establish an award to encourage innovation.

Jacob Wallenberg, chairman of Investor AB and also chairman of IBLAC, said the World Expo in Shanghai had highlighted the charms of an innovative city.

This year's meeting was in the Expo Center to give the business leaders a sense of the importance of a great event being held in a developing country for the first time.

The theme for next year's meeting is to be "Bolstering the Market System."