The Shanghai municipal government says it's eliminating its economic growth target for 2015, and will instead focus on the city's pilot free-trade zone, and economic reforms. The move comes amid growing pressure from economists to target quality over quantity.
Shanghai says it will continue to improve its economic structure, moving from an investment-driven growth model to one driven by innovation. Officials are aiming to make the city an international hub for technological innovation. Research and development is expected to contribute 3.6 percent to the city's GDP in 2015.