Shanghai officials brief the media on the city's economic development, Jan 16, 2025. [Photo by Luo Bin/chinadaily.com.cn]
Shanghai announced stable economic growth in 2024, driven by growing international trade and a revitalized consumer market, according to a news conference held by the Shanghai Municipal Government on Jan 16.
The city's total trade volume surpassed 11 trillion yuan ($1.5 trillion) for the first time, reaching 11.07 trillion yuan and marking a 3.9 percent year-on-year increase.
The achievement was attributed to the city's commitment to high-quality development in trade, particularly in digitalization, intelligent transformation and sustainability.
The city witnessed significant progress in new formats of foreign trade, particularly in cross-border e-commerce. A notable example is the successful implementation of an export pilot program for cross-border e-commerce, which significantly reduced shipping times and costs.
The program enabled a new express shipping route from Shanghai to the west coast of the United States, completing deliveries in just 11 days, with shipping costs approximately 80 percent lower compared to air freight.
Shanghai also consolidated its position as an international consumption center through a combination of supportive policies and vibrant consumer events, injecting vitality into the consumer market.
Notably, the city's efforts to drive the debut economy saw the introduction of 1,269 new flagship stores in 2024, with high-end brands representing 17 percent of the total. Furthermore, the summer consumption promotion campaign recorded a significant 68.2 percent year-on-year increase in overseas tourist spending, with an average tax refund amount exceeding 30,000 yuan per tourist.
Zhu Min, director of the Shanghai Municipal Commission of Commerce, highlighted the city's focus on developing pilot programs and fostering international collaboration in areas like cross-border trade and the flow of production factors.
Zhu emphasized the success of the "Silk Road e-commerce" initiative, highlighting 10 innovative achievements, including a streamlined customs process requiring only one declaration for both countries and interoperable cross-border e-invoicing.
"Shanghai is committed to deepening reform, expanding opening-up and developing into a world-class international trade center, in line with key national strategies," said Zhu. "We will vigorously boost consumption, stabilize foreign trade and investment, and achieve the 14th Five-Year Plan goals, laying a solid foundation for a strong start to the 15th."
Luo Bin contributed to this story.
