Shanghai was a window on China in 2019 as it showcased its achievements in high-quality commercial economic development.

The metropolis' commercial economy in 2019 made stable progress in terms of volume of upgraded consumption and industry escalation.

Retail sales of consumer goods totaled 1.2 trillion yuan ($171.8 billion) from January to November, achieving an increase of 6.6 percent and ranking first among all China's cities. In particular, upgraded consumption and emerging consumption patterns grew rapidly. The smartphone-based telecommunications, cosmetics and daily necessities sectors grew by 19.9 percent, 23.8 percent and 20.6 percent respectively.

In addition, Shanghai has taken full use of foreign investment to accelerate the rapid economic growth.

From January to November, new projects related to foreign investment increased by 29.3 percent, contractual foreign investment by 14.6 percent, and actual foreign investment by 10.8 percent. It is expected that actual foreign investment for the whole year will hit a record high.

The three major new tasks and services assigned by the central government - a new zone of the free trade area, the science and innovation board and integrated development of the Yangtze River Delta - have been effectively implemented in Shanghai. The Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone was inaugurated in August this year and now houses more than 2,500 new enterprises with 101 projects signed reflecting aggregate investment of more than 50 billion yuan.

Tentative deals valued at $71.13 billion were reached for one-year purchases of goods and services at the second China International Import Expo in November, up 23 percent year-on-year. 

An aerial view of the National Exhibition and Convention Center (Shanghai), site of the second China International Import Expo (CIIE) of November, 2019 [Photo/WeChat account: scofcom]