Shanghai enters a new phase in urban economic development

Shanghai entered a new phase in terms of urban economic scale as its gross domestic product surpassed 5 trillion yuan ($682 billion) last year based on the city's around 5 percent year-on-year growth, said Mayor Gong Zheng on Wednesday.

In terms of consumer prices, Shanghai saw minimal fluctuations, with the cost of living remaining relatively steady compared with the previous year, 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.

The urban unemployment rate averaged around 4.2 percent, indicating a stable employment situation in the city, he added.

"Altogether 60 regional headquarters of multinational corporations and 30 foreign-funded research and development centers were newly established in Shanghai last year, bringing the total of such institutions to 1016 and 591, respectively," Gong said.

The per capita disposable income of Shanghai residents reached 88,000 yuan in 2024, marking a growth of approximately 4.1 percent compared with the previous year.

The city also made continuous strides in environmental conservation, with air quality being categorized as "good" accounting for 88.5 percent of the days, representing an increase of 0.8 percentage points, said Gong.

"Also, 141 new parks were added in Shanghai last year, making the total number of parks to reach 973 in the city. Shanghai's efforts to become a city with 1,000 parks by the end of 2025 were quickly gathering pace," Gong continued.