China’s financial powerhouse Shanghai aims for 5% growth, ‘global influence’

South China Morning PostCenter-RightEN 2 min read 100% complete by Mandy ZuoFebruary 3, 2026 at 10:00 AM

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medium article 2 min

Shanghai, China, aims for approximately 5% economic growth in 2024, building on its 5.4% growth in 2023. The city, with a GDP comparable to Belgium, plans to enhance its position as a global financial, trade, and shipping hub. Shanghai will attract foreign investment in key sectors like advanced manufacturing and technology, while increasing R&D spending. The government intends to launch foreign-funded projects and support multinational corporations. As it begins a new five-year plan in 2026, Shanghai seeks to achieve its 2035 goals of becoming a leading global metropolis and rival top cities in finance through innovations like a cross-border yuan payment system.

Key Entities & Roles

Key Player Opposition Context

Los Angeles 30% Paris 30% London 30% New York 30% Tokyo 30% Shanghai Academy of Development and Reform 40% Belgium 50% Gong Zheng ×370% China 80% Shanghai ×590%

Keywords

shanghai 100% economic growth 90% global influence 80% financial center 70% technological innovation 60% foreign investment 60% five-year plan 50% gdp 50% yuan payment system 40%