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Shanghai failed to achieve 5.5% economic growth target for 2023 amid ‘complex and severe’ external environment, mayor says
- City’s GDP expanded 5 per cent last year as the global economy turned out to be weaker than expected, Mayor Gong Zheng tells annual session of the Shanghai People’s Congress
- Shanghai is aiming for 5 per cent GDP growth this year
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Daniel Renin Shanghai
Shanghai, mainland China’s economic locomotive, failed to achieve its growth target for 2023 amid slumbering exports, which stayed flat even after the country’s reopening after the Covid-19 pandemic.
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The city’s gross domestic product (GDP) expanded 5 per cent to 4.72 trillion yuan (US$664.5 billion) last year as the global economy turned out to be weaker than expected, Mayor Gong Zheng told an annual session of the Shanghai People’s Congress on Tuesday.
The growth pace fell short of a goal of 5.5 per cent the local government had set at the beginning of 2023.
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“The external environment remains complex and severe, geopolitical conflicts persist, and the global economic recovery lacks momentum,” Gong said.
“We are under considerable pressure to maintain the city’s steady economic operations, and we need to make greater efforts to achieve all the objectives of the 14th five-year plan [spanning 2021 to 2025].”
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