Shanghai achieves high quality in industrial economy

Shanghai has achieved a high quality development in its industrial economy in the past decade with the city's total industrial output value exceeding 4 trillion yuan ($574.7 billion) in 2021, laying a solid foundation for transforming the eastern city into a socialist, modern, and international metropolis with global influence, official said on Wednesday.

With plans to build a manufacturing hub, the city is upgrading its industrial system in an accelerated pace, in an effort to make high-end manufacturing a new growth engine of the city, said Wu Jincheng, director of Shanghai Commission of Economy and Informatization during a news conference in Shanghai on Wednesday.

According to Wu, in the past ten years, Shanghai's industrial added value soared from 723.1 billion yuan in 2011 to 1.07 trillion yuan in 2021, leading all Chinese cities.

During the same period, the city's total gross industrial output value expanded from 3.38 trillion yuan to 4.20 trillion yuan.

To make manufacturing play a greater role in its real economy development, Shanghai has so far established a new industrial system led by three pilot industries, supported by six key industries, and enhanced by emerging industries.

The three leading industries, or integrated circuits, biomedicine and artificial intelligence have formed an industrial scale of 1.27 trillion yuan in 2021, Wu added.