Shanghai has set its sights on becoming one of the world's top three cities in terms of economic scale by the end of the decade. The aim is outlined in the city's draft 15th Five-Year Plan (2026-30), which is anchored by an ambitious annual GDP growth target.

According to the draft outline, Shanghai is targeting an average annual GDP growth rate of around 5 percent over the next five years, with knock-on effects for the city's global competitiveness and quality of life for residents.

Sustaining such a rate of growth would propel Shanghai's economic aggregate to exceed 7 trillion yuan ($1 trillion) by 2030, a scale projected to surpass all major global metropolises except New York and Los Angeles.

The draft outline was unveiled at the annual session of the Shanghai Municipal People's Congress, the city's legislative body, which opened on Feb 3.

The drafted plan makes clear that this next phase of growth will not be driven by traditional factors, but by a dual emphasis on enhancing workforce skill quality and, more crucially, on deepening the empowerment of industries through scientific and technological innovation.

Such a shift is already reflected in key benchmark indicators, according to experts. By the end of last year, Shanghai had 65 high-value invention patents per 10,000 people. The target for 2030 is approximately 85.

The city also aims to increase its spending on research and development as a percentage of GDP from around 4.5 percent in 2025 to over 5 percent by 2030. The draft plan also expects value-added output of core digital economy industries to account for more than 20 percent of GDP by 2030.

The draft outline will be reviewed by Shanghai's lawmakers and political advisors during the ongoing session, that will last through Feb 7, charting the course for the city's next transformative leap.