by XIN Yuan

Shanghai recorded gross domestic product of 5.67 trillion yuan in 2025, up 5.4% year on year in real terms, the Shanghai Statistics Bureau said. By economic size, the city ranked fifth among major global cities.

The growth rate exceeded the national level. Data released by the National Bureau of Statistics showed China's GDP grew 5.0% in 2025.

By sector, Shanghai's primary industry generated 9.94 billion yuan in value added, up 2.0% from a year earlier. The secondary industry contributed 1.17 trillion yuan, growing 3.5%, while the tertiary sector expanded 6.0% to 4.50 trillion yuan.

Industrial activity stood out in the city's 2025 performance. Industrial value added rose 5.0% year on year, while output from large industrial enterprises increased 4.6%. By industry, output in railway, shipbuilding, aerospace and other transport equipment manufacturing surged 15.8%. Electrical machinery and equipment rose 11.1%, automobile manufacturing increased 7.8%, and computers, communications and other electronic equipment grew 7.7%.

On the investment front, fixed-asset investment climbed 4.6% in 2025. Industrial investment jumped 20.0%, outpacing overall fixed-asset investment growth by 15.4 percentage points, while urban infrastructure investment rose 11.2%. Sales of newly built commercial housing totaled 15.80 million square meters, down 4.6% from a year earlier.

Consumption also showed improvement. Total retail sales of consumer goods reached 1.66 trillion yuan, up 4.6% year on year, with the growth rate accelerating by 0.3 percentage points from the first three quarters. Among large retailers, sales of cultural and office supplies surged 30.4%, home appliances and audiovisual products rose 24.3%, furniture increased 22.0%, and communications equipment grew 16.4%. Online retail sales by large e-commerce retailers climbed 14.1%.

The data release coincided with the publication of the "Suggestions on formulating Shanghai's 15th Five-Year Plan for national economic and social development", issued by the Shanghai Municipal Party Committee.

The document calls for deeper implementation of an expanded domestic demand strategy, including renewed efforts to boost consumption and advance Shanghai's development as an international consumption center under the “Shanghai Consumption” brand. It highlights the expansion of service consumption, with greater emphasis on culture, tourism, sports and healthcare.

The plan also stresses the need to expand effective investment while maintaining reasonable growth and improving efficiency. It calls for optimizing the investment mix, increasing spending on major national and strategic projects, and directing more capital toward urban renewal, technological innovation and social welfare. Measures include strengthening government investment planning and oversight, encouraging manufacturing investment and revitalizing private-sector participation.