Shanghai Thursday released a set of targets that it hopes will accelerate the city's transformation into a global trading center with the market playing a bigger role in the economy.

"Shanghai will make good use of the opportunities offered by deepening reforms this year," said Shang Yuying, chairwoman of the Shanghai Commission of Commerce. "The market will play a decisive role in Shanghai's commerce work, and we expect to accelerate the economic restructuring this year."

Retail sales are set to rise around 8 percent year on year in 2014, with e-commerce jumping 25 percent. Outbound investment is estimated to jump more than 20 percent this year, the commission said.

Trade is expected to continue with stable growth this year after growing 1.1 percent last year, a turnaround from a decline in 2012.

Another 45 multinational companies are expected to locate their regional headquarters to the city this year, according to the commission. In 2013, Shanghai attracted 42 of them to do so, making the city the regional headquarters for 445 MNCs.

In September, Shanghai inaugurated the pilot free trade zone in the Pudong New Area, and the zone will help the city build itself into a global trading center, Shang said.

Last year, the city's retail sales grew 8.6 percent to 801.9 billion yuan (US$132.4 billion), and the value of e-commerce swelled 35 percent. Foreign direct investment in Shanghai rose 10.5 percent in 2013, growing for a 14th consecutive year.