Overview of Shanghai
Shanghai aims to become the international powerhouse for commerce, finance, trading, shipping and scientific and technological innovation. [Photo/CFP]
Positioned on the eastern coast of China near the mouth of the Yangtze River, the city of Shanghai is internationally known as a pioneer of China's opening-up to the world because of its inclusiveness, diligent pursuit of excellence, as well as its cultural diversity.
Shanghai is China's financial capital and last year its GDP hit 3.87 trillion yuan ($600.62 billion), ranking it sixth among all the cities of the world. The total volume of transactions in Shanghai's financial markets reached a massive 2,274.83 trillion yuan, with the trading volume of many financial products among the best in the world.
Shanghai is an emerging international trading center and an important international shipping center. In 2020, the total trading volume of its ports reached 8.75 trillion yuan, ranking it top of cities in the world. In addition, the city's retail sales came in at 1.59 trillion yuan last year, ranking it number one of Chinese cities for four successive years.
Shanghai is also actively establishing a framework as a science and technology innovation center with global influence. In 2020, Shanghai spent 160 billion yuan on research and experimental developments, equivalent to more than 4 percent of the city's GDP.
Under Shanghai's blueprint for the 14th Five-Year Plan period (2021-25), by 2025 it will have made significant progress in its urban digital transformation. Not only that, it will have stepped up its core functions as an international center for commerce, finance, trading, shipping and scientific and technological innovation.