Shanghai records 5.4% GDP growth in 2025

Driven by the development of new-quality productive forces and the advancement of deepened opening-up, Shanghai managed to register 5.4 percent GDP growth in 2025, the local bureau of statistics said on Wednesday.

Among Shanghai's GDP of 5.67 trillion yuan ($810 billion) last year, the tertiary industry contributed an added value of nearly 4.5 trillion yuan, up 6 percent from a year earlier, while the contribution from the secondary industry rose by 3.5 percent year-on-year to about 1.17 trillion yuan.

New growth drivers demonstrated strong momentum. The combined manufacturing output value of Shanghai's three pioneering industries—integrated circuits, biomedicine, and artificial intelligence—surged by 9.6 percent year-on-year, which was 5 percentage points higher than the average growth rate reported by the city's industrial companies with a minimum annual sales revenue of 20 million yuan.

Notably, IC and AI manufacturing recorded robust growth of 15.1 percent and 13.6 percent, respectively. Emerging service sectors also expanded rapidly, with software and IT services revenue rising by 24.2 percent in the first eleven months, supported by growing computing power services and accelerated IC design projects.

Technology contract turnover also surged 24.9 percent to nearly 650 billion yuan, reflecting the city's enhanced innovation capacity.

Shanghai's role as a global hub was further consolidated across key functional areas. As an international financial center, the city was home to 1,813 licensed financial institutions. Total financial market turnover jumped 11.2 percent year-on-year to 4,058.95 trillion yuan.

Propelled by a 10.8 percent spike in exports, Shanghai's foreign trade reached a record high of 4.51 trillion yuan in 2025, up 5.6 percent year-on-year.

The Shanghai Port handled 55.06 million TEUs in 2025, maintaining its position as the world's busiest container port for the 16th consecutive year. Airport passenger throughput exceeded 135 million, with the number of international travelers up by 20.6 percent from a year earlier.

Driven by strong demand in the construction of power supply and transportation projects, infrastructure investment rose 11.2 percent in 2025. The introduction of major semiconductor and shipbuilding projects drove the city's manufacturing investment up by 22.8 percent year-on-year.

Consumer sentiment gradually recovered, with retail sales up 4.6 percent, which was also boosted by policy-led trade-in programs for home appliances, furniture, and electronics.

The surveyed urban unemployment rate averaged 4.2 percent in Shanghai last year. Disposable income per capita grew by 4.1 percent, with rural residents seeing a higher increase of 5.4 percent.

Shanghai 2025 Economic & Social Development Highlights

I. Economic Performance

GDP: 5.67 trillion yuan, up 5.4% y/y

- Secondary industry: 1.17 trillion yuan, +3.5%

- Tertiary industry: 4.50 trillion yuan, +6.0%

II. Industrial & Service Growth

-Three pioneering industries (IC, biomedicine, AI) manufacturing output: +9.6% y/y

- IC manufacturing: +15.1%

- AI manufacturing: +13.6%

- Strategic emerging industries output: +6.5%

- Software & IT services revenue (Jan–Nov): +24.2%

- R&D services revenue (Jan–Nov): +15.1%

III. Core Urban Functions Strengthened

Financial Center:

- Licensed financial institutions: 1,813

- Financial market turnover: 4,058.95 trillion yuan, +11.2%

Trade & Shipping Center:

- Total trade: 4.51 trillion yuan (record high), +5.6%

- Exports: +10.8%

- Imports: +1.8%

- Port container throughput: 55.06 million TEUs, +6.9% (world's No. 1 for 16th year)

- Airport passenger traffic: 135 million plus, +8.3%

- International passengers: +20.6%

Innovation Center:

- Technology contract turnover: 649.68 billion yuan, +24.9%

- High-value invention patents per 10,000 people: 65

IV. Investment & Consumption

- Infrastructure investment: +11.2%

- Manufacturing investment: +22.8%

- Retail sales: +4.6%

- culture/office supplies: +30.4%

- furniture: +22.0%

- home appliances: +24.3%

- communications devices: +16.4%

V. Social Development

- CPI: +0.1% y/y (core CPI: +0.7%)

- Urban surveyed unemployment rate: 4.2%

- Per capita disposable income: +4.1%

- Urban residents: +4.0%

- Rural residents: +5.4%