SHANGHAI’S economy exceeded five trillion yuan (about US$695.6 billion) in 2024, mayor of the east China metropolis, Gong Zheng, said Wednesday.
Shanghai’s gross domestic product (GDP) is estimated to have grown by about five per cent year on year in 2024, Gong said while delivering a government work report at the ongoing third session of the 16th Shanghai Municipal People’s Congress. Shanghai also targeted GDP growth of around five per cent for 2025.
The 2024 feat comes just three years after Shanghai’s GDP first surpassed four trillion yuan. Shanghai in 2006 became the first Chinese mainland city to have a GDP of more than one trillion yuan.
The 2024 growth was hard-won given the grim and complex economic situation and rising risks and challenges at home and abroad, said Sun Lixing, a local political advisor and a researcher with the Institute of World Economy, Shanghai Academy of Social Sciences.
The achievement came after Shanghai took a series of measures to optimize its economic structure and boost growth momentum and innovation, said Ma Haiqian, vice president of the Shanghai Academy of Development and Reform.
Xinhua
#TheGlobalNewLightOfMyanmar