Shanghai lowers GDP growth goal
Shanghai has lowered its gross domestic product growth target for the next five years while increasing investment in research and key new industries to achieve stable, healthy and sustainable development. The city has set its GDP target at about 6.5 percent for the next five years, Shanghai Mayor Ying Yong said in the municipal government work report during the ongoing annual session of the Shanghai People’s Congress on Jan 23. The target is lower than the average annual increase of 7.1 percent that the city achieved in the past five years. Successes in deepened reforms in the free trade zone, enhanced innovation and the improved quality of economic development were considered among the most significant achievements during the period.