Shanghai targets steady growth of higher quality in 2024

Ding Yining
In the government report released during the ongoing session of the Shanghai People's Congress, the city mayor said GDP was expected to grow by around 5 percent this year.
Ding Yining

Shot by Dong Jun. Edited by Dong Jun. Subtitles by Tian Shengjie.

Shanghai has set its 2024 economic development goals, with the city's gross domestic product expected to grow by around 5 percent, according to the government work report delivered at the opening ceremony of the annual session of the city legislature on Tuesday.

Local general budget revenue is expected to rise 5 percent from last year, with overall research and development expenditure making up about 4.5 percent of the city's GDP.

Over the past year, Shanghai's economic and social development has made steady progress and moved toward a positive direction while maintaining stability.

Last year, the city's economic output reached around 4.72 trillion yuan (US$665 billion), an increase of 5 percent, and the general public budget revenue went up by 9.3 percent. The consumer price index rose by 0.3 percent.

Shanghai targets steady growth of higher quality in 2024
Dong Jun / SHINE

The second plenary session of the 16th Shanghai People's Congress opens on Tuesday.

Sixty-five regional headquarters of multinational corporations, and 30 foreign-invested R&D centers were added, bringing the total numbers to 956 and 561, respectively, by the end of last year.

The city has taken multiple measures to expand domestic demand and stabilize external demand, and achieved significant results in high-quality economic development.

The digital transformation of the manufacturing industry was expedited, with the establishment of three national benchmark smart factories, 19 demonstration factories, and 111 excellent application scenarios as well as the cultivation of 25 leading companies with dominant role in their supply chains, and 34 industrial internet platforms cumulatively.

The total output from strategic emerging industries accounted for 43.9 percent of that from industrial enterprises above designated size. The output of the three pioneering industries, namely integrated circuitry, biomedicine and artificial intelligence, totaled 1.6 trillion yuan.

In 2024, Shanghai aims to further improve its first-class business environment. Another 150 tasks and measures in business environment reform would comprehensively enhance the experience of enterprises.

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