China's economy takes off running in 2023

Shanghai

The municipal government of Shanghai released a new action plan on Jan 29 to expand demand, stabilize growth and further improve the city's business environment.

According to the plan, three tasks — boosting confidence, expanding demand and seeking stable growth — are imperative, with the city aiming to achieve above 5.5 percent GDP growth in 2023.

At the same time, Shanghai will provide relief packages for enterprises to reduce employment costs. To restore and boost consumption, Shanghai will provide subsidies to consumers who buy green smart home appliances, as well as purchase tax exemptions for new energy vehicles and vouchers for sectors such as cultural tourism and catering.

Between Jan 1 and 29, Shanghai signed more than 160 key industrial projects, with a total investment of 100 billion yuan ($14.77 billion). During the same period, more than 60 key industrial projects began, with a total investment of more than 70 billion yuan.

The city set a target of having its fixed-asset investment grow 5 percent to reach the 1 trillion yuan mark in 2023. Specifically, 191 major projects with a combined investment value of 215 billion yuan have been planned, up 7.5 percent year-on-year.