15th Five-Year Plan: Sci-Tech Innovation, Industrial Upgrade Among Key City Sectors

Shanghai will steer investment toward sci-tech innovation, industrial upgrading, urban renewal and livelihood improvement during the 15th Five-Year Plan period (2026-30), guaranteeing high-quality development to consolidate the city's role as a global center for economy, trading, finance, shipping and sci-tech innovation.

This was announced by key local government officials at a press conference on Wednesday where they introduced Shanghai's new five-year plan, which guides the future growth of the city.

"Shanghai will focus on optimizing its investment structure and actively expanding effective investment, giving full play to the key role of major projects," said Gu Jun, director of the Shanghai Development and Reform Commission.

"We have emphasized a strategic, forward-looking and holistic approach, centered on serving national strategies and enhancing urban core functions, and established a major project library for the 15th Five-Year Plan."

For instance, in sci-tech innovation, the city plans to evolve into a hub of the national blockchain network and develop a high-performance blockchain computing cluster.

In urban renewal, Shanghai will continue the renovation of 30 million square meters of old residential communities and steadily upgrade urban infrastructure.

As for livelihood improvement, the city will launch a new round of park construction, advance projects such as the Shanghai Museum's North Wing, and complete the Raw Water West Ring Line project, to better meet people's aspirations for a better life.

Meanwhile, Shanghai will encourage investment in basic research and hard-core technologies, support the development of new infrastructure, expand effective investment in manufacturing, increase investment in tech upgrades driven by digital and green transformation, and develop diversified investment and financing models for urban renewal.

From the perspective of investment resources, Shanghai will fully leverage the driving role of government investment, and further promote the development of private investment to unleash its vitality by continuously improving the investment environment, refining the long-term mechanism for private enterprises to participate in the construction of major projects, and strengthening the coordinated guarantee of capital and other factors.

Shanghai Vice Mayor Wu Wei told the press conference that the city will promote the effective improvement of the economy in both quality and quantity, and will take solid steps in advancing common prosperity to speed up the development of a modern metropolis with global influence.

"By 2030, Shanghai's construction of the 'Five Centers' will get upgraded, along with the strengthening of its capacity for global resource allocation and the capacity to generate sci-tech innovation as well as the city's leadership in high-end industries, influence as an open hub and gateway, and its cultural soft power," Wu said.

"Decisive results will be achieved in reforms of important fields and key sectors. And breakthroughs will be made in high-level institutional opening-up."

Shanghai's overall economy remains resilient. The city's GDP reached 5.67 trillion yuan (US$820 billion) last year, growing by 5.4 percent. The growth target for 2026 is set at around 5 percent.