CHINA-ECONOMY
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Shanghai has set a policy precedent for China by deciding not to issue an economic growth target this year. Shanghai’s Mayor, Yang Xiong, said in an annual report on January 25 that the city had broken with past practice and ended the practice of setting numerical targets for local gross domestic product (GDP). An editorial by the official Xinhua news agency said “Not mentioning the GDP target for the first time in more (than) three decades is a sign that the country’s biggest metropolis has shifted its attention from the quantity to the quality of economic growth, and how economic growth can bring real benefits to the well-being of residents.”
According to Xinhua, the report to the Shanghai People’s Congress stressed technological development, focusing on aircraft engines, brain science and artificial intelligence.
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