China's financial hub Shanghai targets 2023 GDP growth at over 5.5%

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A view of the Bund in Shanghai, China, December 6, 2022. /CFP

China's financial hub Shanghai expects to notch a year-on-year gross domestic product (GDP) growth of over 5.5 percent this year, according to a government work report delivered by the city's mayor, Gong Zheng, on Wednesday.

For the second year in a row, Shanghai's GDP exceeded the four-trillion-yuan ($590 billion) threshold in 2022, according to the government work report delivered at the ongoing first session of the 16th Shanghai Municipal People's Congress.

Shanghai, at the forefront of China's reform and opening-up, recorded actual utilization of foreign investment totaling $103 billion in the past five years, an increase of about 15.8 percent over the previous five years.

Shanghai's financial sector has also witnessed growth, with total financial markets transactions increasing from 1,428.4 trillion yuan in 2017 to nearly 3,000 trillion yuan in 2022.

Shanghai now is home to 891 regional headquarters of multinational corporations and 531 foreign R&D centers, according to the report.

Looking ahead, Gong said Shanghai will continue to promote the development of the digital economy, green and low-carbon industries, as well as metaverse and intelligent terminals. The metropolis will strengthen the capacity of the international financial centers in resource allocation, and deepen its roles as a global asset management center and an international reinsurance center.

(Source: Xinhua with edits)