Shanghai has dropped its GDP growth targets in 2015, and will instead look to improve the quality and efficiency of the economy, Shanghai Mayor Yang Xiong said yesterday at the opening of the annual Shanghai People’s Congress at the Shanghai Expo Center.
Mayor Yang announced that Shanghai would strive to become an international center for technological innovation, saying the city is at a “critical stage of innovation-driven economic transformation”.
The mayor didn’t announce any plans for the free-trade zones, but he did pledge to “introduce a series of new measures to expand the opening of the zone”, and said various hi-tech projects in robotics, new-energy vehicles, and smart manufacturing will be launched, as the city aims to move away from secondary industries.
Last year, 3.6% of Shanghai’s GDP was spent on research and development, an amount similar to that spent by cities in developed countries. Other key projects to be launched are in areas such as civil aviation engines, brain science and artificial intelligence.