Shanghai sets 2023 economic goals, forecasting growth and expansion

Huang Yixuan
Shanghai Mayor Gong Zheng outlines the city's 2023 economic goals, with a 5.5 percent growth in GDP. Plans for more reforms at FTZs and innovation of the STAR Market are underway.
Huang Yixuan

Shanghai has set its 2023 economic development goals, with the city's gross domestic product expected to grow by around 5.5 percent, according to the city's Report on the Work of the Government.

To perform well, we must prioritize stability while pursuing progress, focus on promoting high-quality growth, better coordinate coronavirus prevention and control, and the economic and social development, deepen the reform and opening up, and vigorously boost market confidence, according to Shanghai Mayor Gong Zheng.

Gong proposed targets for this year's economic development, aiming to post an over 5.5-percent GDP growth. Local general budget revenue is expected to rise 5.5 percent from last year, and overall expenditures on research and development will account for around 4.3 percent of the city's GDP.

Shanghai sets 2023 economic goals, forecasting growth and expansion
Dong Jun / SHINE

Shanghai Mayor Gong Zheng attends a meeting with SPC deputies on Wednesday at the annual session.

Surveyed urban unemployment rates, meanwhile, are targeted at below 5 percent. The city also expects per-capita disposable income to rise in tandem with economic growth, and the Consumer Price Index to increase around 3 percent in 2023.

Gong noted the importance of pushing ahead development of the Pudong Pioneer Area, as well as intensifying national key strategic tasks on all fronts.

Comprehensive pilot reform projects will be carried out and special measures will be formulated for Pudong to ease market access, enabling the area to take the lead in establishing an integrated licensing and comprehensive regulatory system.

It will also add 25 new open innovation centers of large enterprises, to create an international advanced technology application center and a leading area for international talent development.

The city is to implement the action plan for the construction of the Pilot Free Trade Zone and the new Lingang Area, help deepen the institutional innovation of the STAR Market on Shanghai Stock Exchange, to support the development of more high-quality sci-tech enterprises.

It will fully complete the second round of the three-year action plan for the integrated development of the Yangtze River Delta region this year as well.

Shanghai sets 2023 economic goals, forecasting growth and expansion
Dong Jun / SHINE

SPC deputies come into the Expo Center for the annual SPC session.

In 2023, Shanghai will focus more on real economy, especially the three pioneering industries. It will enhance innovation of integrated circuit equipment, materials and design, promote the application of biomedical innovative products, and optimize the independent and controllable software and hardware ecology of artificial intelligence. The four arenas, namely, digital economy, green and low-carbon, metaverse, as well as intelligent terminal, are to be vigorously developed as well.

On finance, it will accelerate the building of an international financial asset trading platform, promote more innovation in commodity futures and financial derivatives, and support the establishment of more headquarters-based and functional financial institutions.

More reforms and innovation will be seen in green finance and financial technology, and a pilot zone for STAR Market reforms will be set up in Shanghai.

To expand domestic demand and stabilize foreign demand, Gong also pledged to deepen the construction of an international consumer center, with campaigns such as the Double Five Shopping Festival to be held.

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