Shanghai aims to significantly enhance its economic standing with the introduction of the 15th Five-Year Plan. Released on Monday, this strategic framework aspires to double the city’s per capita gross domestic product (GDP) to approximately 313,600 yuan (around $45,000) by 2035, necessitating an average annual growth rate of about 6%.
The comprehensive plan lays out specific targets for economic growth, advancing industries, and improving living standards. Key sectors identified for growth include semiconductors, biopharmaceuticals, and artificial intelligence, along with traditional industries undergoing modernization through digitalization and robotics. Six priority industrial sectors, such as smart electric vehicles and low-carbon industries, are set to drive this ambitious vision.
Furthermore, Shanghai seeks to enhance its role as an international hub for finance, trade, and technological innovation, encapsulated in a strategy referred to as the “Five Centers.” The plan also focuses on expanding services linked to yuan-denominated assets and refining supply chain operations to bolster trade and shipping efficiency.