Shanghai GDP 2023

According to the government work report issued during the 16th Shanghai Municipal People’s Congress, the city of Shanghai has set a GDP growth goal of above 5.5 percent for 2023.

In 2022, the city's GDP exceeded the RMB 4 trillion threshold, for the second consecutive year, and recorded a per capita GDP of RMB 178,000 yuan. Shanghai's financial sector has also witnessed growth, with total financial markets transactions increasing to RMB 3,000 trillion in 2022, and the city is home to almost 900 regional headquarters and over 500 foreign R&D centers. In 2022, the Shanghai Port handled 47 million 20-foot equivalent units (TEUs), ranking first globally for 13 consecutive years.

During the congress a number of major economic development targets were also announced.

• Setting a GDP growth target of above 5.5 percent and aiming to grow its local budget by 5.5 percent.

• Containing the consumer price rise at around 3 percent and setting aside 3 percent of the GDP for environment protection expenditure.

• Maintaining the urban unemployment rate below 5 percent and adding more than 550,000 new posts.

• Spending RMB 215 billion on construction of major projects, planning ultra-low energy consumption building projects over an area of 2 million square meters and adding 120 new parks.

• Adding a total of 5,000 beds for elderly care and 75,000 units of government subsidized rental housing.