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Shanghai Aims for 5 Percent Regional GDP Growth in 2024

Shanghai, January 23, 2024, The Europe Today: During the annual session of the municipal people’s congress on Tuesday, Shanghai, China’s financial hub, announced its regional gross domestic product (GDP) growth target of approximately 5 percent for the year 2024. This declaration was made by the city’s Mayor, Gong Zheng, as part of the government work report delivered at the ongoing second session of the 16th Shanghai Municipal People’s Congress.

Mayor Gong Zheng highlighted the city’s economic performance in 2023, revealing that Shanghai’s GDP reached 4.72 trillion yuan (about 663.7 billion U.S. dollars), reflecting a 5 percent year-on-year increase. The set growth target for 2024 aligns with Shanghai’s strategic vision for sustained economic development.

The financial hub’s commitment to a targeted GDP growth rate emphasizes its resilience and determination to navigate economic challenges, fostering stability and progress in the coming year. As Shanghai continues to play a pivotal role in China’s economic landscape, the announcement sets the tone for strategic initiatives and policies aimed at sustaining growth and promoting prosperity in the region.