As an international metropolis, Shanghai has played an important role in China’s national economic and social development, shouldering the responsibility of promoting integration within the Yangtze River Delta area and the development of the Yangtze River Economic Belt. Occupying only 0.06 percent of the national territory, the city boasts 3.7 percent of the state’s gross domestic production.
Shanghai has proactively followed the national strategy to facilitate steady growth, reform, restructuring, social welfare and risk prevention. In 2015, the GDP per capita in Shanghai hit $16,560, 5.5 percent higher than 2014, to reach the level of moderately developed countries and regions of the world. The fiscal revenue reached 551.95 billion, up 13.3 percent.
Shanghai has also continued to facilitate the restructuring of industry and transformation of economic development models. So far, Shanghai has formed a service economy-based industrial structure, with tertiary industries accounting for 67.8 percent of the city’s GDP. The ratio of primary, secondary and tertiary industries in the city is 0.4 versus 31.8 versus 67.8.
Shanghai has accelerated fostering the “new economy”, which features new technologies, new industries, new models and new business patterns. Emerging industries, including robotics, 3D printing, cloud computing and Internet of Vehicles, have enjoyed fast development. The government has provided a sound environment for innovation and entrepreneurship. The non-state-owned economy continues to grow, with its added value hitting 1.29 trillion yuan in 2015, up 6.7 percent compared with 2014.