Chinese megacity ranks in the world’s five most powerful metros after New York, Tokyo and Los Angeles, with a GDP of 5.67 trillion yuan.
China’s economic locomotive Shanghai is aiming for a growth rate of around 5 per cent this year, after gradually rebounding since 2023 and reaching a better-than-expected 5.4 per cent growth last year.
The megacity, whose economic size is comparable to that of Belgium with last year’s GDP totalling 5.67 trillion yuan (US$816.2 billion), is upgrading its role as a global financial, trade and shipping centre, Mayor Gong Zheng told the city’s annual plenary sessions on Tuesday.
The government is leading more foreign businesses to invest in advanced manufacturing, modern services, cutting-edge technologies and green projects, with research and development expenditure equivalent to 4.
