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‘We are not afraid of slower growth,’ mayor Yang says

SHANGHAI will continue to improve the competiveness of its services sector and enhance environmental protection as part of efforts to promote economic restructuring, mayor Yang Xiong said today.

“Shanghai’s economic growth has been stable at 7 percent to 8 percent in recent years, with further optimization in its industrial and trade structure,” Yang told a press conference after the closing of the annual session of the Shanghai People’s Congress today.

“However, the foundation for restructuring is still unstable as the competitiveness of modern service industry is not strong enough and environmental governance requires greater efforts,” Yang said. “We are not afraid of slower growth.”

Yang also said the government will step up effort to boost the openness of financial service sector after the Shanghai free trade zone is expanded to include the city’s financial hub Lujiazui.


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