In 2020, driven by the rapid growth of finance, information services, business services and its science and technology services, the added value of Shanghai's tertiary industry grew by 1.8 percent over the previous year – making it the primary driving force for economic growth.

A highlight was the emerging services industry, which developed rapidly. The services industry for information transmission, software and information technology maintained rapid growth, with the operating revenue of enterprises above a designated size – enterprises with annual business revenue of 20 million yuan ($3.1 million) or more – increasing by 14.6 percent.

Scientific research and technological services reportedly ushered in new opportunities for development, with the operating incomes of enterprises above a designated size increasing by 10.1 percent. Meanwhile, the shift in the traditional services sector to new growth drivers accelerated and the average revenue of businesses above a designated size in transportation, warehousing and postal services rose by 3.1 percent.