During the 14th Five-Year Plan period (2021-25), Shanghai saw solid progress in economic and social development, marking a significant step forward in the city's modernization drive.

Over the five years, Shanghai's economy expanded markedly.

Its GDP grew from 4.16 trillion yuan ($599.91 billion) to 5.67 trillion yuan, making it the first city in China to surpass the 5-trillion-yuan threshold and placing it among the world's top five cities by economic output.

Per capita GDP reached $32,000 and labor productivity exceeded 420,000 yuan per person.

Total financial market turnover surged from 2,274.8 trillion yuan to 4,059 trillion yuan. Meanwhile, the number of high-value invention patents per 10,000 residents more than doubled, rising from 29.6 to 65.

Trade handled by Shanghai's ports grew from 8.75 trillion yuan to 11.3 trillion yuan, solidifying the city's position as the world's leading port hub.

In addition, the city became the first port in the world to record an annual container throughput of more than 50 million twenty-foot equivalent units (TEUs).

The city made notable headway in improving its business environment in line with the World Bank's Business Ready framework, with 22 of the 59 indicators reaching world-leading levels.

Cumulative paid-in foreign direct investment exceeded $100 billion. The number of certified regional headquarters of multinational corporations rose from 771 to 1,076, while foreign-funded R&D centers increased from 481 to 636.

Over the past five years, residents' living standards also improved significantly. Shanghai completed the renovation of substandard housing in central districts and largely resolved the long-standing sanitation issues in older neighborhoods.

Per capita disposable income grew at an average annual rate of 5 percent, and the city created an average of 614,000 new jobs every year. It also added 25,000 elderly care beds and 81,000 daycare slots for toddlers, expanding access to essential public services.

Source: Shanghai Government Work Report