Shenzhen looks to move up the ladder

Boosting investment in innovation and nurturing talent could take the economy of Shenzhen, a testing ground for China's reform and opening-up, to a higher level within five years, according to local officials.

The new Party leadership of Shenzhen has unveiled an ambitious goal to increase the city's GDP to 2.6 trillion yuan ($419.4 billion) by 2020. Last year, the city's GDP was 1.6 trillion yuan, and it was mainly driven by innovation and technology development.

"The ambitious goal is based on an annual increase of about 8 percent in the local economy, assuming lower energy consumption and increased investment in innovation and technology," said Yang Xinhong, deputy director of the Shenzhen Statistics Bureau.