According to Gong Zheng, the mayor of Shanghai, the city’s GDP is expected to grow by about 5 percent in 2024, with the growth of per capita disposable income of residents keeping pace with economic growth. Consumer prices are projected to increase by about 3 percent, while the surveyed urban unemployment rate is aimed at below 5 percent this year.
Shanghai has seen steady and improving economic and social developments over the past year. In 2023, the city’s GDP reached 4.72 trillion yuan ($660 billion), representing a year-on-year increase of 5 percent. Consumer prices rose by 0.3 percent, while the surveyed urban unemployment rate was 4.5 percent. The per capita disposable income of residents reached 85,000 yuan, an increase of 6.6 percent, with the growth rate faster than the economic growth.
In addition to economic growth, Shanghai has also made progress in improving the livelihood and well-being of its residents. The rate of days on which air quality reached excellent and good in Shanghai was 87.7 percent last year, an increase of 0.6 percentage points. The city also opened 162 new parks, bringing the total number of parks to 832.
Shanghai’s economic growth and development are on a positive trajectory, with the city’s GDP and per capita disposable income expected to continue to grow in 2024. The city has also made progress in improving the quality of life for its residents, with improvements in air quality and the addition of new parks.