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Shanghai aims to boost the added value of its service sector by approximately 33% over the next five years, positioning the industry as a primary driver of growth during the 15th Five-Year Plan through 2030, according to recent municipal government plans.
By 2030, the city projects the service sector’s added value to reach around 6 trillion yuan (roughly $885 billion), with total service trade imports and exports expected to surpass $300 billion, as outlined in the latest development guidelines for the industry.
The plan also emphasizes cultivating a group of globally competitive leader firms within the service sector. Last year, Shanghai’s service industry contributed about 4.5 trillion yuan ($665 billion), marking a 6% increase from the previous year, and accounted for nearly 79.3% of the city’s gross domestic product, contributing over 80% to its economic growth, according to data from the municipal statistics bureau.
Financial and Trade Powerhouse
As a major international financial hub, Shanghai’s financial sector saw a 10% rise in value-added to approximately 898 billion yuan ($132.5 billion) last year, while the total transaction volume in its financial markets surged 11% to roughly 4,059 trillion yuan ($598.6 trillion).
In trade and shipping, imports and exports of goods increased by 5.6%, reaching around 4.5 trillion yuan, while container throughput grew by 6.9%, totalling 55.1 million twenty-foot equivalent units (TEUs). The port maintained its status as the world’s busiest for the 16th consecutive year.
The city’s digital services sector has also experienced rapid growth recently. Shanghai leads the country in the number of registered generative AI models and the scale of intelligent computing power, with revenue from e-sports events accounting for nearly half of the national total.
To meet its 2030 targets, Shanghai plans to accelerate its “AI+” initiative by promoting research, development, and application of AI models and general AI agents. The city aims to foster large-scale adoption across industries such as manufacturing and finance, as stated in the development guidelines.
Furthermore, efforts will be made to introduce incentive schemes to encourage platform companies to expedite the transformation of information services and to build comprehensive, cross-sector internet platforms.
Shanghai also intends to deepen the integration of culture, commerce, tourism, sports, and exhibitions. It will work on upgrading hospitality and catering services, enhancing supply-demand matching in elderly and childcare services, and making daily life more convenient for residents, the document detailed.
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