Shanghai posts positive economic growth despite epidemic

Shanghai remained economically resilient and robust last year despite the impact of the COVID-19 epidemic, a local official said on Feb 24.

A city with a population of over 24 million and a large number of foreign visitors, Shanghai had not only effectively controlled the epidemic, but also saw positive growth in its gross domestic product (GDP), consumption, import, and export volume, and foreign direct investment (FDI) in 2020, Zong Ming, vice-mayor of Shanghai, said at a press briefing.

Official statistics show that Shanghai posted a GDP growth of 1.7 percent in 2020, with per capita GDP exceeding 23,000. Its import and export volume increased by 2.3 percent year-on-year, while its retail sales of consumer goods in 2020 stood at 1.59 trillion yuan (about $246 billion), up 0.5 percent year-on-year and ranking first among Chinese cities.

According to a report released by the United Nations Conference on Trade and Development, although global FDI flows plunged 42 percent year-on-year in 2020, FDI in Shanghai hit a record high, topping $20.2 billion, up 6.2 percent year-on-year.

The city remained attractive to foreign companies as 51 new regional headquarters of foreign-funded multinationals and 20 new foreign-funded R&D centers landed there last year, bringing the total figures to 771 and 481, respectively.

Zong said more foreign companies are welcome to share investment and development opportunities in Shanghai in the future.