Shanghai sets growth targets for 2024

Shanghai's GDP is expected to grow by about 5 percent this year, and the growth of per capita disposable income of residents will keep pace with economic growth, said Gong Zheng, mayor of Shanghai, on Tuesday.

Consumer prices are projected to increase about 3 percent, said Gong when delivering the Shanghai Municipal Government Work Report at the annual session of the Shanghai Municipal People's Congress, the city's legislative body.

Meanwhile, the surveyed urban unemployment rate is aimed at below 5 percent this year, he said.

The city's economic and social developments have been steady and improving over the past year, said Gong.

"Shanghai's GDP reached 4.72 trillion yuan ($660 billion) in 2023, an year-on-year increase of 5 percent. Consumer prices rose by 0.3 percent, and the surveyed urban unemployment rate was 4.5 percent last year," he said.

People's livelihood and well-being continued to improve last year, he said. The per capita disposable income of residents reached 85,000 yuan, an increase of 6.6 percent, and the growth rate was faster than the economic growth.

The rate of days on which air quality reached excellent and good in Shanghai was 87.7 percent last year, an increase of 0.6 percentage points. Also, 162 new parks were opened, making the total number of parks in the city climbing to 832, Gong said.