Shanghai targets 6.5% economic growth

Shanghai plans to grow its economy by 6.5 percent this year with priorities that include further development of the free trade zone and building a technology innovation center, Mayor Yang Xiong told members of the Shanghai People’s Congress last month in his annual work report.

“For the past year, Shanghai’s economic and social development was generally stable with progress better than expected,” Yang said. “The positive effects of innovation-driven development were further revealed.”

Shanghai’s plan to transform itself into a global center of innovation was approved in April last year by the State Council.

Over the past year, the city government drafted a plan for Zhangjiang Science City, began the construction of major science infrastructure projects, and nurtured mass entrepreneurship and innovation. More than 500 makerspaces of various types were set up, over 90 percent of which were created by private investment.

This year, the city will build the Zhangjiang Comprehensive National Science Center, improve market-oriented mechanisms for the transfer and commercialization of scientific and technological achievements, and develop more international and attractive talent policies, Yang said.

“In implementing the innovation-driven development strategy, we will promote proprietary innovation and commercialization of scientific and technological achievements so as to foster a new growth pillar,” he said.

The city government also plans to further open up the free trade zone to foreign investment, enrich functions of free trade accounts, and simplify administrative procedures.

Other major tasks for the government this year include intensifying structural reform on the supply side, improving public well-being, innovating social governance and urban management, accelerating urban-rural integration, developing an advanced socialist culture, and advancing ecological development and environmental improvement.