Shanghai commerce, investment experiences solid growth

The city of Shanghai in East China reported solid growth in commerce and investment last year, with overall business operations in robust health, according to recent remarks made by Gu Jun, director of the Shanghai Municipal Commission of Commerce.

Gu, speaking on Feb 23 at the Briefing on Shanghai's Commerce and Investment, said the performance made a positive contribution to the steady and healthy economic and social development of the city.

Moreover, Shanghai's consumer spending potential is understood to be continuing to be unleashed. Last year, retail sales of consumer goods totaled 1.8 trillion yuan ($284.92 billion) – an increase of 13.5 percent year-on-year – and the city continued to be ranked first in the category in China. 

Commodity sales in Shanghai also grew rapidly last year, coming in at 16.3 trillion yuan, a 16.5 percent surge on the previous period. In addition, 48 business trading headquarters and 114 private company headquarters located there in 2021.

The volume of trade at ports was worth 10.1 trillion yuan last year, an increase of 15.4 percent, with Shanghai retaining its title as the world's largest port city. Imports and exports of goods totaled 4.1 trillion yuan, up 16.5 percent, while imports and exports of services totaled $229.41 billion, up 49.5 percent.

Shanghai's actual use of foreign capital reached $22.55 billion in 2021, up11.5 percent year-on-year, hitting a record. Some 60 regional headquarters of multinational companies and 25 foreign-funded research and development centers were newly identified last year.

Furthermore, the city's outbound direct investment hit $19.62 billion last year, up 29.8 percent compared with the previous year.