Core competitiveness key as city GDP tops 5t yuan
Print Edition
Shanghai aims to further enhance the city’s core competitiveness this year by stressing innovation and openness.
In 2024, Shanghai’s economic development continued to improve, the city government said during the annual meetings of the legislature and political advisory body this week.
Shanghai’s gross domestic product exceeded 5 trillion yuan (US$690 billion) last year, an increase of about 5 percent over the previous year. And it is expected to grow at the same rate this year, Mayor Gong Zheng said while delivering a government work report.
Shanghai’s financial opening-up continued to deepen last year. The IMF Shanghai Regional Center was inaugurated, foreign-funded financial institutions accounted for more than 30 percent of the total, and 42 financial institutions achieved data compliance out of the country.
The city’s total financial market transactions reached 3,650 trillion yuan last year. Cross-border yuan settlement volume reached 24.7 trillion yuan in the first 10 months of last year, accounting for 47 percent of the national volume.
Last year, the annual container throughput of Shanghai port reached 51.5 million TEUs (twenty-foot equivalent units), maintaining the world’s first for 15 consecutive years and becoming the first city in the world with an annual throughput of more than 50 million TEUs.
In terms of new quality productive forces, Shanghai has also played a leading role, with the industrial output value of the three leading industries — integrated circuit, biomedicine, and artificial intelligence — growing 11.9 percent from a year earlier to 1.8 trillion yuan.
More research and development institutions landed in Shanghai, with 60 new regional headquarters of multinational corporations and 30 foreign-funded R&D centers last year, bringing the cumulative total to 1,016 and 591 respectively.
In addition, the business environment continues to be optimized. The “service package” system for key enterprises reduced their burden by more than 116 billion yuan, helping stimulate market vitality.
For the next stage, Gu Jun, director of the Shanghai Development and Reform Commission, said the city will further deepen the reform, expand the high-level opening to the outside world, boost domestic demand and stimulate economic vitality, eying an high-quality development.
Zhang Ying, director of the Shanghai Commission of Economy and Informatization, said that this year, the city will focus on the keyword ‘new’ by developing an intelligent economy, accelerating the promotion of the artificial intelligence industry and opening up new tracks in new fields such as intelligent terminals, biomanufacturing, marine equipment and robotics to continue to empower industrial upgrading.
Mayor Gong also said that Shanghai has continued to become a more livable city and has made every effort to improve people’s livelihoods. In 2024, the city added 4,385 beds for elderly care, built 39 community canteens for the elderly and provided 9,034 new community spots for childcare services.
In 2025, about 3,000 beds for elderly care will be added, and 30 more canteens for the elderly will be built as well.
Furthermore, 141 new parks opened in the city last year, bringing the total to 973. Among them, 849 parks are open 24 hours a day, accounting for 87.3 percent.
This year, Shanghai plans to open 120 new parks, construct 130 kilometers of new greenways and expand green spaces by 1,000 hectares. The city will keep promoting the 24-hour opening of parks, Gong said.
In 2024, the city completed the construction of the Airport Link Line, along with the western extension of Metro Line 17, bringing the city’s railway network to nearly 900 kilometers.
Also, 622,000 new jobs were created in the city last year. In 2025, Shanghai will improve support for individual job seekers and create more than 600,000 new jobs, according to the government work report.
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