'Economy has embarked onto the track of steady recovery'

Shanghai has lowered its annual growth target for GDP from 9 percent last year to 8 percent as the city hopes to improve the quality of local economy and secure a steady recovery.

The proposal was made by Mayor Han Zheng at the Shanghai Municipal People's Congress, which opened yesterday, and is to be reviewed by local legislators.

Han said the city's GDP fell short of the 9 percent projection and grew 8.2 percent last year.