Annual GDP in Shanghai rose by 5% year-on-year in 2023, exceeding 4.72 trillion Yuan ($657.09 billion), according to the city's Bureau of Statistics.
The development of new economic drivers and industrial capacity growth predominantly fueled this growth.
The service sector expanded 6% year-on-year, whilst the manufacturing sector grew 1.9%.
In addition, there was a steady improvement in consumption and investment in Shanghai. Last year, total retail sales of consumer goods rose by 12.6%, and fixed asset investment edged up by 13.8%, Shine News reports.
Growth momentum was also seen in emerging industries. Last year, new-energy vehicle output and new-energy industries increased by 32.1% and 21.3%, respectively.
Significant improvement was also registered in the innovation sector. Research and development spending made up 4.4% of economic output in Shanghai, with high-value invention patents per 10,000 people reaching 50.2 pieces by the end of the year.
Furthermore, there was steady growth within Shanghai's financial industry during 2023.
The total transaction value of Shanghai's financial market reached 3,373.63 trillion Yuan last year, a 15% rise from the year before. Interbank market turnover rose by 17.9% year-on-year, and the same level of growth was achieved in primary insurance premium income.
Moreover, the first "Silk Road" e-commerce cooperation pilot zone in China was approved for construction in 2023, and turnover from the 6th China International Import Expo reached $78.4 billion, a 6.7% rise over the previous session.
In addition, Shanghai port's container volume ranked in first place globally for 14 straight years, with a total amount of 49.15 million TEUs (Twenty-foot Equivalent Units), the Shine News report adds.
In regard to disposable income per capita in 2023, this rose 6.3% over 2022 at 84,834 Yuan.
The bureau went on to add that the average urban unemployment rate in Shanghai last year stood at 4.5%, whilst annual consumer prices registered moderate growth of 0.3% compared to the previous year.