Services still lead the city's growth in 2023

Shanghai had a stable economic growth in 2023, with a continuous release of internal demand, more market vitality and better dynamics in the development of emerging industries, the Shanghai Statistics Bureau said on Sunday.

The city's gross domestic product in 2023 totaled 4.72 trillion yuan (US$665 billion), with an increase of 5 percent over the previous year to remain the top among the nation's major cities.

It was led by the service sector which grew 6 percent year on year, while the manufacturing sector added 1.9 percent.

Consumption and investment in Shanghai improved steadily. In 2023, the total retail sales of consumer goods increased by 12.6 percent, and fixed asset investment grew by 13.8 percent.

In addition, emerging industries were gaining growth momentum. In 2023, the output of new-energy vehicles and new-energy industries increased by 32.1 percent and 21.3 percent, respectively.

Achievements can also be seen in the innovation section. The research and development expenditure was equivalent to 4.4 percent of Shanghai's economic output, while by the end of 2023, the number of high-value invention patents per 10,000 people reached 50.2 pieces.

Last year, the first "Silk Road" e-commerce cooperation pilot zone in China was approved for construction.

The 6th China International Import Expo was also a success with its turnover amounting to US$78.4 billion, an increase of 6.7 percent over the previous session.

Also, the container volume of Shanghai port has ranked first globally for 14 consecutive years with a total of 49.15 million TEUs (Twenty-foot Equivalent Unit).

In 2023, the disposable income per capita was 84,834 yuan, up 6.3 percent over the previous year.

The overall employment rate and prices were kept relatively stable, the bureau said.