Shanghai sets its economic sights forward

Huang Yixuan
Shanghai has set its 2022 economic development goals, with the city's gross domestic product expected to grow by around 5.5 percent.
Huang Yixuan

Shanghai has set its 2022 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.

Shanghai is an important window for the world to see China, shouldering the responsibility to pioneer at this critical stage of building strategic advantages for future development, Shanghai Mayor Gong Zheng pointed out at the sixth session of the 15th Shanghai People's Congress on Thursday.

"We will adhere to prioritize stability while pursuing progress, be comprehensively committed to the new development philosophy, help foster a new pattern of development and promote high-quality development," Gong said.

The city will focus on strengthening the "four major functions," deepening the construction of the "five centers" and developing the "five economies" to accelerate the upgrade of the city's capacity and core competencies, he added.

Gong proposed targets for this year's economic development, aiming to post around 5.5-percent GDP growth. General budget revenue is expected to rise 6 percent from last year, and overall expenditures on research and development will account for around 4.2 percent of the city's GDP.

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 2022.

Gong noted the importance of advancing high-quality reform and opening up in the Pudong New Area, as well as carrying out national key strategic tasks on all fronts.

Comprehensive-reform pilot projects will be carried out, and market-access reforms will be deepened to build Pudong into a "pioneer area for socialist modernization."

Shanghai will set up a group of functional platforms for industry innovation and services, support the introduction of more yuan financial products on international markets and promote the establishment of major platforms such as a nationwide registration center for commodity-warehouse receipts.

To boost high-quality economic development, the city will also stimulate the vitality of market entities.

Preferential policies on taxation and financing will be practically implemented to support micro, small and medium-sized enterprises, especially to address their financing difficulties.

Shanghai will also begin construction on the first batch of SME innovation parks and push forward innovation in the private economy, aiming to add 500 leading SMEs that specialize in niche sectors.

Seen as a key engine for growth, technological innovation will remain a focus of government work in 2022, along with promoting the modernization of education, recruiting and cultivating high-level talent, and improving the startup environment.

Another highlight is to promote the city's digital transformation and accelerate the construction of an international digital center with global influence.

In one case, Shanghai will further expedite the integrated development of the digital and real economies, establishing 30 platforms that support the digitalization of the manufacturing industry and setting up 40 demonstration smart factories.

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