Shanghai moves to grow modern manufacturing industry

Shanghai is aiming to bolster its modern industry system by raising the weightage of the city's value-added industrial output to more than one-quarter of the city's GDP in the coming three years, according to official sources.

The goal is to have the city's value-added industrial output surpass 1.3 trillion yuan and account for more than 25 percent of the city's GDP by 2025, said Li Zheng, vice-mayor of Shanghai, during a news conference on Thursday.

According to Li, this target is stated in the recently released three-year action plan aimed at boosting the city's manufacturing industry.

To strengthen the competitiveness of the city's manufacturing sector, the city will further embrace high-end, intelligent and green manufacturing, Li added.

The action plan also contains detailed goals regarding the development of key industries, critical technologies, digitalization and green development.

Deals for more than 700 key projects in Shanghai with a combined investment of over 700 billion yuan have been signed so far this year. In addition, more than 400 projects worth 450 billion yuan in investment have been introduced to the manufacturing sector, said Wu Jincheng, director of Shanghai Commission of Economy and Informatization.