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Shanghai's oceanic industry output value is expected to reach 550 billion yuan (US$68.8 billion) by 2010, a State Oceanic Administration report said Saturday.

The report, which was released at an ongoing symposium on Shanghai's oceanic economic and technological development, said the growth rate of the city's oceanic industry outstripped that of the city's general economic growth last year.

The gross output value of Shanghai's oceanic industry was 281.6 billion yuan, accounting for over 30 percent of the metropolis' total gross domestic product.

Currently, Shanghai has a complete oceanic industrial system, primarily composed of transportation, aquatic production, oil and gas, shipping and salt industries and tourism.

Some newly-emerged industries such as oceanic information, power generation and biological pharmaceuticals have also developed rapidly, said the report.

Shanghai Harbor handled 443 million tons of freight last year, surpassing Singapore for the first time to become the world's largest.

The municipal government said Shanghai is building a 296-square-km harbor city that will include a high-tech industrial zone.

Insiders also pointed out that problems still exist in Shanghai's oceanic industrial structures, reminding the government to encourage more self-innovation and to introduce larger proportion of new and high-tech industries.

(For more biz stories, please visit Industry Updates)