Mayor Yang Xiong said on Sunday, Jan. 24, that Shanghai is focused to achieve economic growth of between 6.5 and 7 percent this year, which is the first goal in the 13th Five-Year Plan period (2016-2020).
Yang said, "The city will embrace the concepts of innovative, coordinated, green, open and shared development, and adapt to the 'new normal' of economic growth."
Talking to more than 870 lawmakers, Yang added: "We will continue the process of reform and opening up. The city will focus on steady growth, structural readjustment and the well-being of its people by advancing supply-side reforms and pressing ahead with innovation-driven development."
According to Yang, economic restructuring will be fastened with the view to achieving sustainable social and economic development, while establishing a strong foundation for accomplishing the development goals of the 13th Five-Year Plan.
The mayor envisions GDP growth this year being in line with last year, when it went up 6.9 percent, Shanghai Daily reported.
Shanghai will ensure that expenditure on research and development remains above 3.5 percent of GDP, while urban registered unemployment rate should not go beyond 4.4 percent.
Yang added that people's income would go hand in hand with economic growth, while inflation will be based on price control targets.
Authorities see investment in environmental protection staying at 3 percent of the city's economic output, while energy intensity and pollution-causing emissions will continue reducing.
Apparently, the expansion of the Pilot Free Trade Zone and the current development of the city as a center for innovation in science and technology will be the top priorities for the work agenda of 2016. As a result, the authorities will release new versions of negative list and more administrative agencies will be included to the "single window" platform for international trade.
On the other hand, the pilot program for the yuan's convertibility under the capital account will be advanced. The government will continue protecting the rights and interests of investors and intellectual property holders.
The government is set to build a national science center in Zhangjiang in the Pudong New Area, in addition to introducing an innovation-oriented evaluation system in state-owned enterprises.
Furthermore, the government will increase its support for the financial sector, while relevant authorities will explore new investment and financing models in banking and insurance.