Shanghai's economy expanded 5.5% year-on-year in the first nine months of 2025 to 4.07 trillion yuan (about US$570 billion), the city's statistics bureau said on Wednesday.

By sector, output in primary industries rose 0.9%, secondary industries 3.9%, and the services sector 5.9%. Industrial value-added increased 5.2%, led by advanced manufacturing — with output in AI-related manufacturing up 12.8%, integrated circuits 11.3%, and biomedicine 3.6%, according to data from the Shanghai Municipal Bureau of Statistics.

Among strategic emerging industries, new energy posted 19.6% growth, next-generation information technology 10.9%, and high-end equipment 10.3%.

Fixed-asset investment climbed 6.0%, including 20.3% growth in industrial investment and 11.7% in urban infrastructure. Real estate investment increased 2.2%, while new commercial housing sales totaled 12.02 million square meters, down 0.3% from a year earlier.

Retail sales rose 4.3% to 1.23 trillion yuan, boosted by "trade-in" incentives for home appliances and furniture.

Financial markets remained active, with trading volumes up 12.7% year-on-year and deposit and loan balances rising 8.4% and 7.1%, respectively. Fiscal revenue grew 1.0% while expenditure rose 8.0%.

Consumer prices were flat compared with a year earlier, and per-capita disposable income increased 4.3% to 69,220 yuan. The city's average urban unemployment rate stood at 4.2%.

Authorities said Shanghai's economy maintained steady momentum despite global uncertainties, with policy focus remaining on stabilizing jobs, businesses and expectations in the fourth quarter.