The Chinese financial hub of Shanghai will further promote economic growth in 2025 by advancing scientific and technological progress, according to Gong Zheng, mayor of the city.
In 2024, Shanghai's GDP grew by about 5 percent, marking the city's economic scale surpassing 5 trillion yuan (about 690 billion U.S. dollars). The three leading industries - integrated circuits, biomedicine and artificial intelligence - reached a combined scale of 1.8 trillion yuan, and the total import and export volume of foreign trade hit a record high of 4.27 trillion yuan.
"Shanghai has prioritized the primary task of promoting high-quality development and the strategic goal of building a new development pattern. We have accelerated the construction of the five centers, further comprehensively deepened reforms, effectively navigated external shocks and economic downward pressure, and achieved the main goals and tasks of economic and social development," said Gong.
The "five centers" refer to the international centers of economy, finance, trade, shipping and sci-tech innovation in Shanghai.
In the new year, Shanghai will cultivate and expand strategic emerging industries and future industries such as new energy vehicles, smart terminals and low-altitude economy, and accelerate the establishment of four major industrial clusters in electronic information, life sciences, automobiles and high-end equipment.
"We will use scientific and technological innovation as our guiding principle and vigorously cultivate and develop new quality productive forces. We will carry out the artificial intelligence plus initiative, strengthen essential supports such as intelligent computing power and industry corpus, as well as create more benchmark scenarios with a strong driving force and a great influence. We will focus on building a modern industrial system to continuously improve industries' high-end, intelligent, green and integrated capabilities," said Gong.
In the new year, Shanghai will also implement targeted initiatives to boost consumption and promote the expansion and upgrading of service consumption, deepen the development of an international consumption center and enhance the synergy among business, travel, culture, sports and exhibitions.
Shanghai to advance scientific progress for economic growth in 2025: mayor
