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Shanghai’s Economy to Expand by Up to 5.3% in 2023, SASS Says 2023-01-10
Shanghai's Economy to Expand by Up to 5.3% in 2023, SASS Says
Shanghai's economic output is expected to widen by 5.3 percent this year as the Covid-19 pandemic is brought under control with new drugs and enlarging vaccine coverage, based on an optimistic outlook of a government-backed think tank.
The municipal government will invest more in infrastructure construction, promote the digital transformation of cities, and increase fixed-asset investments more this year than last year, according to a report released by the Institute of Economics of the Shanghai Academy of Social Sciences today.
There have been positive signals as Shanghai's attractiveness to foreign investors is strengthening, direct investments have been picking up, and the city's foreign trade has been growing. The think tank predicts that consumption will maintain rapid growth due to upgrading and credit scale expansion. The sectors of catering, healthcare, and new energy vehicles will widen more than expected.
However, the megacity, which has seen a larger decline in real estate fixed-asset investment than Beijing and Shenzhen since last year, is still facing challenges in the short term. Foreign trade is recovering but export demand is weakening so Shanghai needs to continuously optimize its industrial structure. The city must enhance the competitiveness and resilience of the industrial supply and innovation chain, as well as improve the added value of importing and exporting.
This is why Shanghai urgently needs to introduce policies to boost investment demand. It needs to stimulate investments in real estate, industries, and fields, as well as optimize the financing environment for small and medium-sized enterprises.
There are other medium and long-term worries on the horizon. Shanghai needs to improve its scientific and technological innovation and the digital economy while risking losing its leading productivity position, per the report. Meanwhile, the function of the financial center may be weakened, and the dividends of Shanghai's further reform and opening-up, as well as free trade zone policies may be diluted.
Source: Yicai
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