More tech spending to propel innovation

Guangzhou, the capital of Guangdong province, plans to double its fiscal expenditure on science and technology to incubate high-tech startups, seeking a new identity as an international hub of scientific and technological innovation, said government officials.

The foreign trade and commerce center saw year-on-year economic growth of 8.4 percent last year, bringing the full-year GDP to 1.81 trillion yuan ($275 billion), ranking third in China for the 27th consecutive year, according to a government work report released on Monday.

Guangzhou aims to have an average annual GDP growth rate of above 7.5 percent during the 13th Five-Year Plan (2016-20), Mayor Chen Jianhua revealed while delivering the work report at the opening of the city's annual legislative session.