Shanghai lowers GDP growth goal

Rise in R&D funding supports aim to become center of innovation

Shanghai has lowered its gross domestic product growth target for the next five years while increasing investment in research and key new industries to achieve stable, healthy and sustainable development.

The city has set its GDP target at about 6.5 percent for the next five years, Shanghai Mayor Ying Yong said in the municipal government work report during the ongoing annual session of the Shanghai People's Congress on Tuesday.