As a key driver of China's socialist modernization, Shanghai's Pudong New Area has experienced impressive growth in the first half of the year. Its GDP rose by 5.8 percent, foreign investment surged by 36.1 percent year-on-year, and the number of newly registered companies grew by 28.1 percent, according to a municipal news conference on Aug 20.
This was the first of a series reviewing Shanghai's achievements during the 14th Five-Year Plan (2021-25).
Five major economic indicators above 1 trillion yuan
In 2024, Pudong reported five trillion-yuan-level indicators:
- Regional GDP reached 1.78 trillion yuan ($248.04 billion), 1.34 times that of 2020.
- Industrial output of companies above designated size — companies with annual revenue of at least 20 million yuan — totaled 1.32 trillion yuan, 1.27 times that of 2020.
- Service sector revenue of companies above designated size reached 1.25 trillion yuan, 1.61 times that of 2020.
- Import and export of goods stood at 2.61 trillion yuan, 1.25 times that of 2020.
- Retail sales of consumer goods by large enterprises — enterprises with annual retail sales of at least 5 million yuan — totaled 5.88 trillion yuan, 1.34 times that of 2020.
Optimized economic structure
Pudong's industrial structure continues to improve. The proportion of industry in GDP rose to 22.1 percent in 2024, up 0.2 percentage points from 2020. Knowledge-intensive industries saw rapid growth, with the information transmission, software, and IT services sector contributing 10.3 percent of GDP, up 2.1 percentage points. The scientific research and technical services sector contributed 4.5 percent, up 0.7 percentage points. In industrial output, the share of strategic emerging industries increased from 48.4 percent in 2020 to 53.6 percent in 2024.
Investment and private sector vitality
From 2021 to June 2025, Pudong attracted $43.64 billion in foreign investment, completed fixed asset investment worth 1.4 trillion yuan with an average annual growth of 10.3 percent, and saw private investment grow at an average annual rate of 14.2 percent.
Deepened reform and opening-up
Pudong advanced key national strategies and carried out pioneering reforms in land use, data trading, and business licensing. China's first wholly foreign-owned securities firm and public fund were established, while mechanisms for cross-border data flow and trade facilitation were launched, pushing offshore trade volume above $90 billion.
The Eastern Hub International Business Cooperation Zone is progressing steadily, with regulatory frameworks completed, supporting facilities under construction, and the pilot area is set to pass acceptance this year.
Enhanced core functions
As the heart of Shanghai's ambition of becoming a global economic, financial, trade, shipping, and sci-tech innovation center, Pudong strengthened its four major functions. These include expanding global financial and commodity trading, accelerating the growth of Zhangjiang Science City with world-class research facilities, building complete industry chains in integrated circuits, biomedicine, and AI, and consolidating its position as a global aviation and shipping hub.
Better city for residents
Beyond economic growth, Pudong has invested heavily in improving the quality of life for its residents. Urban renewal projects improved housing for 38,600 households, new cultural landmarks such as the Shanghai Museum East and Shanghai Library East were established, and environmental quality improved with more parks, cleaner air, and better water standards.
