The Shanghai Municipal Government announced the city's services sector development plan for the 15th Five-Year Plan period (2026-2030) on Monday, announcing that the sector's added value should reach about 6 trillion yuan (about 887 billion U.S. dollars) by 2030.
The added value of Shanghai's service industry stood at 4.5 trillion yuan in 2025, making up 79.3 percent of the city's GDP.
"By 2030, Shanghai will basically establish a new high-quality and efficient service industry system, with the average annual growth rate of service industry's added value reaching over 5.5 percent and labor productivity in the industry exceeding 450,000 yuan per person," said Liu Jian, director of the Shanghai Municipal Development and Reform Commission.
The plan also proposes that Shanghai will advance the development of new intelligent technology services such as AI software technology and intelligent driving. The city will also accelerate the development of the medical and health service industry, create a high-quality childcare service system, promote the high-quality development of domestic services, as well as expand experiential consumption spaces.
Shanghai targets to expand service sector's added value to 6 trln yuan by 2030
U.S. stocks ended higher and key indexes refreshed new record highs on Monday, fueled by a product announcement from Nvidia.
The Dow Jones Industrial Average rose 0.09 percent to 51,078.88. The Standard and Poor's 500 added 0.26 percent to 7,599.96. The Nasdaq Composite Index increased by 0.42 percent to 27,086.81.
Nine of the 11 primary Standard and Poor's 500 sectors ended in the red, with utilities and consumer discretionary leading the laggards by losing 3.05 percent and 2.62 percent, respectively. Meanwhile, technology and energy led the gainers by adding 2.48 percent and 1.86 percent, respectively.
The session's momentum was driven by semiconductor giant Nvidia, whose shares jumped more than 6 percent after Nvidia CEO Jensen Huang officially unveiled "RTX Spark," an Arm-based consumer superchip engineered to power local agentic artificial intelligence (AI) applications directly on personal computers.
The announcement triggered significant structural movements across the hardware ecosystem. Dell Technologies and HP, both confirmed as primary launch partners for upcoming Windows-based AI laptops alongside Microsoft's newly teased Surface Laptop Ultra, surged 10.7 percent and 8.51 percent, respectively. Conversely, legacy processor giant Intel saw its shares slide over 4 percent.
For this week, investor focus has rapidly turned toward Friday's upcoming nonfarm payrolls report. Wall Street analysts expect the comprehensive employment update to provide critical clarity on current labor market tightness and heavily influence whether the central bank will maintain its current interest rate trajectory through the upcoming summer policy meetings.
U.S. stocks close higher as Nvidia surges
U.S. stocks close higher as Nvidia surges
