Shanghai vows more efforts to assist global trade, foreign businesses

To forge a socialist, modern and international metropolis, Shanghai will continue making efforts in key areas, including better facilitating international trade and foreign business in the city, deepening the high-level opening-up of the free trade zone, accelerating the development of the pilot zone for Silk Road e-commerce cooperation, and promoting the construction of the eastern hub international business cooperation zone in Pudong New Area, according to official sources.

Shanghai has achieved steady economic growth in the past year, with its GDP growing 5 percent to reach 4.72 trillion yuan, said Hua Yuan, vice-mayor of Shanghai, during the city's annual briefing on commerce and investment on Thursday.

In 2023, Shanghai registered 1.85 trillion yuan in retail sales of consumer goods, up 12.6 percent year-on-year, leading other Chinese cities. Its foreign trade amounted to 4.2 trillion yuan, and its actual use of foreign direct investment hit $24 billion last year, reaching a record high.

"These figures indicate that our economy is on an upward track, and foreign enterprises are showing deep confidence in the city," said Hua.

In 2023, the trading volume of Shanghai's financial market exceeded 3,300 trillion yuan, and the container throughput of Shanghai Port surpassed 49 million TEUs (twenty-foot equivalent units), ranking first globally for 14 consecutive years. Up to 65 multinational corporations' regional headquarters and 30 foreign funded R&D centers were newly established last year, making the total multinational headquarters reach 956, and that of foreign-funded R&D centers totaled 561.

"Shanghai's economic growth is achieved through high-quality development. For example, the scale of the city's three leading industries, namely integrated circuits, biomedicine, and artificial intelligence, have formed an industrial scale of 1.6 trillion yuan, and the R&D spending Intensity, or the expenditure on R&D as a percentage of its gross domestic product, has reached to about 4.4 percent as of 2023," Hua said.

In the meantime, Shanghai is taking a series of efforts to further opening-up, including Pudong New Area's pilot comprehensive reform, the integrated development of the Yangtze River Delta region, and the success of the 6th China International Import Expo, said Hua.

Shanghai people's livelihood has also seen progress. The per capita disposable income of local people increased 6.6 percent last year, and a total of 354,000 new energy vehicles were added in Shanghai in 2023, showing Shanghai's development is for the ultimate goal of improving people's livelihood and well-being, Hua said.

In the year of 2024, Shanghai will continue its development both in quantity and quality, deepen high-level opening-up and high-quality development, create high-quality life for people in Shanghai, better facilitate expatriates to work and study in the city, as well as offer world-class business environment, said Hua.

Figures

Shanghai in 2023

GDP : 4.72 trillion yuan

Retail sales of consumer goods: 1.85 trillion yuan

Foreign trade: 4.2 trillion yuan

Actual use of foreign direct investment: $24 billion

Shanghai's financial market: exceeded 3,300 trillion yuan

Container throughput of Shanghai Port: surpassed 49 million TEUs (twenty-foot equivalent units)

Total number of MNC headquarters: 956

Total number of foreign-funded R&D centers: 561

The scale of three leading industries, or integrated circuits, biomedicine, and artificial intelligence: 1.6 trillion yuan

R&D spending Intensity, or the expenditure on R&D as a percentage of its gross domestic product: about 4.4 percent

Local people's per capita disposable income: grew 6.6 percent

Amount of new energy vehicles added: 354,000 units