Shanghai sets GDP goal at over 5.5% at congress

Shanghai has set a GDP growth goal of above 5.5 percent for 2023, Shanghai mayor Gong Zheng said on Wednesday while delivering the municipal government's work report at the ongoing first session of the 16th Shanghai Municipal People's Congress.

The city is also aiming to grow its local budget for 2023 by 5.5 percent, and have its R&D spending intensity, or the expenditure on R&D as a percentage of its gross domestic product, reach around 4.3 percent this year, Gong added. 

A slew of major economic development targets were also announced during the work report. They include ensuring the urban unemployment rate stays below 5 percent, having Shanghai's per-capita disposable income grow at a similar pace as the city's economic growth, containing consumer price increase at around 3 percent, and setting aside 3 percent of the GDP for use on environment protection.

According to Gong, Shanghai's comprehensive strength has leaped to a new level in the past five years, with its GDP exceeding 4 trillion yuan ($590 billion) for the second consecutive year and per capita GDP reaching 178,000 yuan in 2022.

Gong added that the local general public budget amounted to 760.82 billion yuan while the trading volume of Shanghai's financial market surged from 1,428.4 trillion yuan in 2017 to nearly 3,000 trillion yuan in 2022.