Shanghai Sets 5% Growth Target For The Year

Credit: Dong Jun / Shanghai Daily

Caption: The fourth session of the 16th Shanghai People's Congress opened at the Shanghai World Expo Center on Tuesday.

Shanghai has set an economic growth target of about 5 percent for 2026, outlining plans to expand foreign investment, boost global tourism, and accelerate major infrastructure projects, including new Metro lines linking key districts and Chongming Island.

The goals were announced on Tuesday at the fourth session of the 16th Shanghai People's Congress at the Shanghai World Expo Center. Mayor Gong Zheng delivered the annual government work report.

Gong said Shanghai aims to increase its gross domestic product by around 5 percent this year. Local general public budget revenue is expected to grow about 2 percent, while spending on research and development will rise to around 4.6 percent of GDP.

The city aims to bring the urban surveyed unemployment rate within 5 percent, consumer price growth to about 2 percent, and per capita disposable income growth roughly in line with overall economic expansion.

Last year, the city used US$16.06 billion in foreign investment, and inbound tourist visits surged nearly 40 percent to 9.36 million. Officials said these areas will remain key drivers of growth in 2026.

Shanghai will push forward major projects in the Shanghai International Tourism and Resorts Zone in Pudong, home to Shanghai Disney Resort.

A new urban tourism innovation plan aims to build top-tier waterfront tourism experiences along the Huangpu River and Suzhou Creek.

The city will complete 255 billion yuan (US$35 billion) in major project investment this year, the report said. It will accelerate the construction of multiple rail transit lines, such as the Chongming Line, to enhance the transportation between downtown Shanghai and Chongming Island.

Work will also continue on Metro Lines 21 and 23, along with the Shanghai Demonstration Zone Line, the Nanxiang-Fengxian Line, and extensions of Line 13 and other routes. The Metro had expanded to 906km by 2025.

The city will also advance major infrastructure projects such as the north-south transport corridor, the second phase of the Shanghai-Nantong Railway, and the Shanghai section of the Shanghai-Chongqing-Chengdu high-speed railway.

Credit: Dong Jun / Shanghai Daily

Caption: Mayor Gong Zheng delivered the annual government work report.

Urban renewal and better housing

In 2026, the city will continue to prioritize urban renewal, expediting the large-scale renovation of urban villages and initiating comprehensive redevelopment projects.

The city plans to complete 200,000 square meters of full renovation of old housing. More elevators will be added or upgraded in older residential buildings, and housing safety management will be strengthened.

Development of Shanghai's five "new cities" – suburban towns in the districts of Jiading, Songjiang, Qingpu, Fengxian, and Lingang in Pudong New Area – will deepen, with a focus on specialized industries and innovation.

Gong said Shanghai will focus on high-quality growth, innovation and openness as it works toward its 2026 goals, while continuing to improve living standards and strengthen its global competitiveness.

Meanwhile, the city aims to make strong progress in high-quality development by 2030, according to a draft of the city's 15th Five-Year Plan.

Gong said the plan sets clear goals for the 2026-2030 period. These include stronger economic growth, upgraded core city functions, deeper reform and opening-up, higher social standards, and better urban governance. The plan also stresses continued efforts to build a people-centered city.

The draft looks further ahead to 2035. Shanghai will continue to improve its role as an international center for finance, trade, shipping, innovation, and culture.

Major development indicators are expected to reach leading international levels by that time.

Per capita GDP is expected to double compared with 2020, and it will become a modern international metropolis with global influence.

Have a quick look at Shanghai's achievements in 2025 and goals in 2026 in the following slides.