Fengxian achieves leapfrog economic growth through new drivers

With new economic drivers playing increasingly important roles, Fengxian district in southern Shanghai managed to attain leapfrog economic development during the 14th Five-Year Plan (2021-25) period, said local officials during a news conference on Friday.

The district's fiscal income is set to reach 21.9 billion yuan ($3.1 billion) by the end of 2025, with the estimated average growth rate reaching 6.3 percent over the recent five years, a level higher than the city average, said Liu Ping, the district's Party secretary.

Industrial value raked in a minimum annual sales revenue of 20 million yuan each topped 277.5 billion yuan in 2024, with the annual growth rate coming at 9.9 percent. Investment in industrial fixed assets refreshed its records, rising from 11.4 billion yuan in 2020 to nearly 18 billion yuan in 2024.

It should be noted that four industries, beauty and healthcare, green energy, general new materials and intelligent new equipment contributed over 80 percent of the industrial value, according to Liu.

While the combined sales revenue from Fengxian-based service providers with a minimum annual sales revenue of 20 million yuan each approached 48.5 billion yuan in 2024, nearly doubling the size in 2020, emerging new service industries, including software and technology services, saw their income contribution rate rise from 15.6 percent to 23.2 percent during the five-year period.

Fengxian is now home to 56 national-level elite small and medium-sized enterprises that specialize in niche sectors, command high market shares and boast strong innovative capacity, with an additional 1,860 national-level high-tech companies registered in the district.

Shanghai's first overseas returnees town was officially launched in Fengxian in February, further facilitating the district's efforts to attract high-end talents from all over the world and improving the district's innovation capacity, said Liu.

Fengxian has also accelerated its green and low-carbon transition in the recent five years, advancing the comprehensive development and utilization of photovoltaic. A cumulative 305,000 kilowatts of photovoltaic installed capacity have been added, completing the 14th Five-Year Plan (2021-25) task ahead of schedule. Among them, a total of 401 new photovoltaic projects were put into operation in 2024, with a total installed capacity of 169,000 kilowatts, setting a new historical high and ranking second in the city in terms of total capacity.

Furthermore, rural industries have seen notable improvements in their quality and efficiency in the recent five years. A total of 50 high-tech agricultural projects have been introduced into Fengxian, elevating seed sources, infrastructure and smart agriculture in the district. Over 30 percent of the agricultural products are recognized as green food, said Liu.