Economy of Shanghai
As the world’s second largest economy, China has maintained a strong momentum when it comes to economic development. China’s GDP per capita reached USD 9,481.881 in 2017. According to China’s stated mission of “building a moderately prosperous society in all aspects”, it is going to increase that figure to more than USD 10,000 by 2020. As China’s economic center, Shanghai’s GDP per capita had already reached USD 17,800 by 2017.
After the People’s Republic of China was founded, the development of international trade in Shanghai experienced its historic turning point: the reform and opening-up of China, which has, over the past 40 years, turned the city into a center of global trade and finance.
In 2017, throughput of goods at the Port of Shanghai ranked the city as number one in the world for the eighth consecutive year. The total value of the imports and exports through Shanghai’s ports accounts for one third of that of the whole nation, while the value through its airports amounts to two-thirds, which means that 70% of the nation’s air cargo is transferred via airports in Shanghai. In 2017, the value added of Shanghai’s financial industry hit about RMB 533.05 billion, and Shanghai is now home to almost 70% of foreign banks’ Chinese headquarters, the assets of which together account for 85% of the assets of all foreign banks in China. In the Global Financial Centres Index (GFCI) published by Z/Yen Partners in March 2013, Shanghai was the highest ranking of all cities in mainland China, ranked at number 6, just behind Tokyo.