Shanghai aims to significantly grow GDP by 2035

With new quality productive forces being nurtured at a faster pace and major breakthroughs in frontier technologies anticipated in the coming years, Shanghai's GDP per capita in 2035 should double 2020's figure, according to the municipal government.

The goals are part of the city's 15th Five-Year Plan (2026-30), released by the Shanghai municipal government on Monday. Data from the local statistics bureau showed that Shanghai's GDP per capita reached 156,800 yuan ($22,700) in 2020.

With overall productivity to be steadily improved within the next few years, Shanghai should strive for higher competitiveness in its manufacturing industry — especially the high-end ones. Major progress should be made regarding the innovation of the service industry and domestic demand should play a bigger role in driving economic growth, according to the plan.

The level of institutional opening-up in Shanghai will be significantly improved in the next five years, facilitating the prosperity of various market entities.

High-quality employment will be more abundant in the city as of 2030. People's income growth should be on par with the economic growth rate, with their sources of property income expanded. The social security mechanism should be further optimized and more sustainable — making public services better, more balanced, and accessible.

Based on technological breakthroughs and wider application, new energy and green and low-carbon industries should further scale up in Shanghai in the next five years — further establishing a green lifestyle in the city and helping to achieve the carbon peaking goals as scheduled, according to the plan.

Improve Shanghai's capacity and core competitiveness in five major areas

1. Economic growth: build world-level high-end industrial clusters

"2" major transformation for traditional industries

- smart digitalization

- green transition

"3" pioneering industries

- integrated circuit

- biomedicine

- artificial intelligence

"6" emerging pillar industrial clusters

- new-generation electronic information

- connected new energy vehicles

- high-end equipment

- advanced materials

- new energy and green low-carbon development

- fashion consumer goods

"6" future-oriented industries

- manufacturing

- information

- materials

- energy

- space

- healthcare

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2. Finance

- consolidate strength in RMB asset allocation and risk management

- complete the modern financial system

- improve financial services to better serve the real economy

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3. International trade

- consolidate role as a trade hub

- accelerate the structural transformation of trade

- strengthen global supply chain management

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4. Shipping

- consolidate and improve the global influence

- achieve substantial development in modern shipping services

- accelerate the intelligent and green transformation

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5. Technology innovation

- deepen the construction of basic research pioneering zone

- advance the deep integration of technology and industrial innovation

- enrich talent supply