Shanghai scraps GDP growth target in 2015

Shanghai Municipality has abandoned GDP growth targets to emphasize the quality and efficiency of the economy, the mayor said on Sunday.

The city will continue to optimize economic structure and change its growth model from investment-driven to innovation-driven, Yang Xiong revealed in the government work report at the annual meeting of the municipal legislature.

The report showed Shanghai's ambition to become an international center for technological innovation. Research and development expenditure should account for above 3.6 percent of the city's GDP in 2015. Aircraft engines, brain science and artificial intelligence will be the main focus.