Shanghai's GDP tops 5.6 trillion yuan in 2025, fifth largest among world cities

File photo shows a view of the Lujiazui area in Shanghai, east China. (Xinhua)

Shanghai's economy expanded by 5.4 percent year on year in 2025, with gross domestic product reaching 5.67 trillion yuan, official data showed, marking a stronger performance than the national growth rate of 5 percent.

The result places Shanghai 0.4 percentage points above the national average and reflects a steady improvement over the past three years. After growing 0.2 percentage points below the national rate in 2023 and matching it in 2024, the city moved ahead in 2025, demonstrating resilience despite a sluggish global recovery and ongoing structural adjustments.

According to the 2025 Shanghai National Economic Performance report released on January 21 by the Shanghai Municipal Bureau of Statistics and the Shanghai Survey Office of the National Bureau of Statistics, value added of the primary industry rose 2.0 percent to 9.94 billion yuan, the secondary industry increased 3.5 percent to 1.17 trillion yuan, and the tertiary industry grew 6.0 percent to 4.50 trillion yuan.

Beyond headline GDP growth, a range of indicators pointed to solid momentum across industry, finance and trade.

From a national perspective, Shanghai continued to channel capital toward the real economy. In 2025, industrial investment surged 20.0 percent year on year, while sales area of newly built commercial housing fell 4.6 percent, indicating a shift away from property investment toward manufacturing. Sustained growth in industrial investment, despite land constraints, underscored the city’s push to strengthen its role in high-end manufacturing.

Advanced manufacturing remained a key driver. Output value of the city’s three leading manufacturing industries rose 9.6 percent, with integrated circuit manufacturing growing 15.1 percent and artificial intelligence manufacturing up 13.6 percent. These gains highlighted accelerating capacity expansion and Shanghai’s efforts to move further up the global industrial value chain.

Technology-related services also posted strong growth. Value added in information transmission, software and information technology services reached 713.99 billion yuan, up 15.3 percent year on year, reinforcing Shanghai's position as a hub for the digital economy.

Shanghai's role as a global financial center continued to strengthen. In 2025, transaction volumes across the city's major financial markets totaled 4,058.95 trillion yuan, representing an increase of 11.2 percent. Trading volume on the Shanghai Gold Exchange jumped 44.1 percent, as heightened global risk aversion boosted demand for gold-related transactions.

External trade remained a key support for growth. Shanghai's goods exports rose 10.8 percent to 2.02 trillion yuan. Exports of the so-called "new trio" (electric vehicles, lithium-ion batteries, and photovoltaic products) products totaled 160 billion yuan, up 17.4 percent, with electric vehicle exports increasing 13.8 percent, reflecting a shift toward higher value-added and technology-intensive products.

Looking ahead, as China enters the first year of its 15th Five-Year Plan in 2026, Shanghai faces continued external uncertainties. However, the city's 2025 performance suggests it is maintaining growth momentum through advanced manufacturing, digital services and financial market development, reinforcing its role as a key national economic engine and an important global city.