A view of the Huangpu River in Shanghai. [Photo/WeChat account: shanghaifabu]
Shanghai saw its GDP rise by 5 percent year-on-year to 5.39 trillion yuan ($741 billion) in 2024, according to data released by the municipal statistical bureau on Jan 22.
The added value of the primary industry contracted by 0.9 percent to 9.97 billion yuan while the secondary industry reached 1.16 trillion yuan, up by 2.4 percent. The city’s tertiary industry saw its added value increase 5.7 percent from a year earlier to more than 4.2 trillion yuan.
The industrial added value in Shanghai grew by 2.2 percent throughout 2024. Meanwhile, the output value of the transportation equipment manufacturing sector jumped 13.1 percent, while that of pharmaceutical manufacturing gained 7.6 percent.
An industrial robot operates on automotive components. [Photo/WeChat account: shanghaifabu]
The output value of the integrated circuit manufacturing industry spiked by 20.8 percent on a yearly basis, while that of the artificial intelligence industry increased by 7.1 percent. The biomedicine industry reported an annual increase of 3.3 percent.
The growth of strategic emerging industries was another highlight of Shanghai’s economic development last year. The new-generation information technology sector saw its output value up by 7.1 percent in 2024.
The high-end equipment industry also reported a 5.1 percent year-on-year increase. The output of lithium-ion batteries and laptops surged 28.6 percent and 20.5 percent, respectively.
Within the tertiary industry, the added value of transportation, warehousing, and postal services topped over 200.3 billion yuan, showing an annual increase of 19.2 percent. The added value of information transmission, software, and IT services jumped 12.9 percent year-on-year to over 606.23 billion yuan.
The turnover of Shanghai’s financial market totaled 3,650.3 trillion yuan in 2024, up 8.2 percent year-on-year. As of the end of December, the balance of domestic and foreign currency deposits of Chinese and foreign financial institutions in the city grew by 7.7 percent to 22.01 trillion yuan. The city’s local general public budget revenue reached 837.42 billion yuan, a year-on-year increase of 0.7 percent.
Shanghai’s fixed asset investment increased by 4.8 percent year-on-year, with the growth rate for urban infrastructure investment and industrial investment coming in at 2.3 percent and 11.1 percent, respectively.
While the city’s total retail sales of consumer goods declined 3.1 percent year-on-year to 1.79 trillion yuan last year, retail sales of communication equipment leaped 21.6 percent and food sales were up by 10 percent. Online retail sales of physical goods rose by 2.2 percent on a yearly basis.
The city’s consumer price index in 2024 remained unchanged from a year earlier. Core CPI — which excludes food and energy prices — rose mildly by 0.2 percent. The per capita disposable income of Shanghai residents gained 4.2 percent to 88,366 yuan, while the urban unemployment rate came at 4.2 percent.
Sources: Shanghai Municipal Statistical Bureau, Survey Office of the National Bureau of Statistics in Shanghai, and “shanghaifabu” WeChat account
,https://english.shanghai.gov.cn/en-Latest-WhatsNew/20250123/31cfdf6cbe114078ac8b4ebbca410009.html