On the afternoon of yesterday (January 16), the Information Office of Shanghai Municipality held an economy-themed media briefing. Gu Jun, deputy secretary-general of the Shanghai Municipal Government and director of the Shanghai Municipal Development and Reform Commission, Zhou Xiaoquan, executive deputy director of the Financial Commission Office of the CPC Shanghai Municipal Committee, Zhang Ying, director of the Shanghai Municipal Commission of Economy and Informatization, Zhu Min, director of the Shanghai Municipal Commission of Commerce, Luo Dajin, director of the Shanghai Municipal Commission of Science and Technology, and Yu Fulin, director of the Shanghai Municipal Commission of Transport, attended the briefing to introduce the city’s economic development and answer questions from reporters. The briefing was moderated by Chen Yiqun, director of the Information Office of Shanghai Municipality and spokesperson of the Shanghai Municipal Government.I.In the past year, Shanghai has fully implemented the spirits of General Secretary Xi Jinping’s important speech delivered during his inspection tour to the city. Guided by the strong leadership of the Central Committee of the Communist Party of China and the State Council, Shanghai has firmly focused on the primary task of promoting high-quality development and the strategic goal of fostering the new development paradigm. The city’s economic and social development has remained stable and robust, the construction of the “Five Centers” has accelerated, and the city’s overall capacity and core competitiveness have significantly advanced. The achievements in economic and social development can be summarized in four key terms: “uptrend,” “enhancement,” “acceleration,” and “progress.”“Uptrend” refers to the sustained recovery and positive momentum of the economy. The main manifestations of this progress include an improving economic performance. The economic operation and coordination mechanisms have been refined, with both existing and new policies yielding sustained results. The service-oriented and traffic-oriented economy has also accelerated its growth. It is estimated that the city’s GDP exceeded 5 trillion yuan in 2024, reflecting an increase of approximately 5% compared to the previous year. Employment and prices have remained stable, with the average urban surveyed unemployment rate estimated to be around 4.2% and the consumer price index remaining unchanged from the year before. Quality and efficiency have shown steady improvement. Despite tax cuts and fee reductions, fiscal revenue has continued to grow, with local general public budget revenue increasing by 0.7% for the year. Residents’ per capita disposable income rose by about 4.1%, and the operating income and total profit of service industry enterprises above the designated size achieved double-digit growth. Domestic and foreign demand has stabilized and improved. Significant progress has been made in the implementation of major national strategies and the enhancement of security capabilities in major areas, as well as large-scale equipment upgrades and the trade-in of consumer goods, with total fixed asset investment across society projected to grow by about 5%. Commerce, tourism, culture, sports, and exhibition sectors have worked in synergy to drive consumption. Notably, the first domestically-made large cruise ship, Adora Magic City, commenced commercial operations, and the city recorded 6.7 million inbound tourists for the year. Foreign trade and exports demonstrated resilient growth, reaching a new historical high. Actual utilization of foreign investment was approximately US$17.5 billion, accounting for over 15% of the national total. Market expectations and confidence have remained strong. In December, the non-manufacturing business activity index reached 56.2, staying above the boom-bust line and exceeding the national average. “Enhancement” refers to the consolidation and enhancement of the city’s core functions. At the end of 2023, during his inspection tour to Shanghai, General Secretary Xi Jinping emphasized the importance of accelerating the construction of the “Five Centers” as the key priority while coordinating and leading all aspects of economic and social development. Over the past year, Shanghai has intensified efforts to implement the central directives supporting the construction of the “Five Centers” and has promoted the integration and enhancement of their functions. The comprehensive strength of Shanghai as an international economic center continued to grow. Shanghai maintained its position as the largest city in terms of economic output in the country, with accelerated construction of a modern industrial system and increasing international influence and capacity for driving regional development. The service capacity of the international financial center has steadily improved. In 2024, Shanghai’s financial markets recorded a total transaction value of 3,650 trillion yuan. The number of licensed financial institutions grew to 1,782, the Shanghai International Reinsurance Exchange was established, and the Shanghai Futures Exchange introduced options for lead, nickel, tin, and alumina. The international trade center has continued to upgrade and expand, with the total import and export value through the local port exceeding 11 trillion yuan for the year, maintaining its top ranking among global cities. The overall plan for the Shanghai Eastern Hub International Business Cooperation Zone has been approved, while new forms of international trade, such as offshore trade and cross-border e-commerce, are flourishing. The resource allocation capacity of the international shipping center has further increased. The annual container throughput at Shanghai Port reached 51.5 million TEUs, ranking first globally for 15 consecutive years and making it the world’s first major port with an annual throughput exceeding 50 million TEUs. A digital platform for shipping and trade has been launched, and the first foreign-related maritime interim arbitration case in China was concluded in Shanghai. The international science and technology innovation center has strengthened its role as a source of innovation. R&D investment intensity across the city was estimated to reach 4.4% for the year, with 57.9 high-value invention patents per 10,000 people. The transaction value of technology contracts has reached 520 billion yuan, national laboratories and bases in Shanghai are operating with high quality, and breakthroughs have been made in key core technologies such as precision control with robotics.“Acceleration” refers to the accelerated cultivation and development of new quality productive forces. The main highlight was the accelerated transition from traditional to new growth drivers. The “Shanghai Plan” for the three leading industries was fully implemented, supported by the establishment of a 100-billion-yuan parent fund and a future-oriented industry fund. The industrial output value of these three leading industries was projected to grow by 11.9% in 2024. The “Five Major Actions” for new industrialization were carried out, with the total output value of strategic emerging industries accounting for approximately 44% of industrial output above the designated size. Advanced manufacturing sectors, such as high-end equipment, shipbuilding, and jumbo aircraft production, saw rapid growth. The high-quality development of professional services was also prioritized, with industries such as information services, scientific and technological services, and business services maintaining robust revenue growth. Strategic frontier areas witnessed accelerated development. A three-year action plan was implemented in fields such as computational biology, synthetic biology, and blockchain, while the establishment of new R&D institutions and high-quality incubators gained momentum. High-capacity entities have been clustering at a faster pace. In 2024, 60 new regional headquarters of multinational companies and 30 foreign-funded R&D centers were added, bringing the totals to 1,016 and 591, respectively. Additionally, 49 new headquarters of innovative enterprises were recognized, and the number of high-tech enterprises exceeded 25,000.“Progress” refers to the deepened advancement of high-level reform and opening-up. The main highlight was the accelerated development of Pudong New Area into a pioneer area for socialist modernization. Pudong’s pilot comprehensive reform tasks have been progressing smoothly. The first case of direct material supply to cruise ships under a new model in the special customs supervision zone has been successfully implemented. Major platforms, such as the Academy for Clinical Innovation and Translation of Shanghai, have been established. The construction of the China (Shanghai) Pilot Free Trade Zone and the Lin-gang Special Area has gained momentum. The “80 Articles” of the overall plan for high-level institutional opening-up are nearly complete, with policies like the exemption of stamp duty for offshore trade already in effect. The pilot expansion of value-added telecommunications services, including Internet data centers, has been officially launched. A new round of municipal support policies for the Lin-gang Special Area has been introduced and implemented, and the first national guidelines for cross-border data flow operations have been released. The integrated development of the Yangtze River Delta continued to advance steadily. The third-round three-year action plan has been formulated and is now underway. The Yangtze River Delta Eco-Green Integrated Development Demonstration Zone has introduced 18 new institutional innovations, the Shanghai-Suzhou-Huzhou High-speed Railway has opened, and Huawei’s Qingpu R&D Center is now operational. The construction of the Hongqiao International Hub for Opening-up has been progressing rapidly, and the seventh China International Import Expo (CIIE) has been successfully held, with an intended transaction amount of US$80.01 billion annually. The business environment continued to improve. The 150 reform measures under the 7.0 version of the business environment optimization plan have been fully implemented, the “service package” system for key enterprises has been upgraded, and the overall business burden has been reduced by more than 116 billion yuan throughout the year, stimulating ongoing market vitality.2025 marks the final year of the 14th Five-Year Plan period. Shanghai will continue to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, with a strong focus on the crucial mission of building the “Five Centers.” The city will make every effort to strive for higher targets, deepen reforms comprehensively, expand high-level opening-up, boost domestic demand, stabilize expectations, and energize the economy. Shanghai will promote sustained economic recovery and respond to external uncertainties with the certainty of its own high-quality development, fully leveraging its leading and exemplary role in advancing Chinese modernization.II.Since last year, Shanghai’s financial system has thoroughly studied and implemented General Secretary Xi Jinping’s key instructions on financial work, as well as the spirits of his important speech during his inspection tour to Shanghai, while comprehensively advancing efforts in financial risk prevention, enhanced supervision, and promoted development, all of which have continuously strengthened the competitiveness and influence of Shanghai as an international financial center. First, the role of finance in supporting the economy has been effectively reinforced. In the first three quarters of 2024, the city’s financial sector achieved a value-added output of 659.12 billion yuan, reflecting a year-on-year increase of 6.9%, 1.7 percentage points higher than that of the national financial industry. Second, financial opening-up has deepened further. The International Monetary Fund Shanghai Regional Center was inaugurated, with foreign-funded financial institutions now accounting for over 30%. Forty-two financial institutions have achieved outbound data compliance, and from January to October 2024, Shanghai’s cross-border RMB settlement reached 24.7 trillion yuan, making up 47% of the national total. Third, the financial market institutional system has become more robust. Key initiatives included the introduction of the “Eight Measures for the Science and Technology Innovation Board,” the upgraded “Light of Pujiang” action plan, and an action plan for mergers and acquisitions of listed companies. The city has also launched the Specialized and Sophisticated Enterprises Board on the Shanghai Equity Exchange, and the cumulative IPO fundraising and total market value of Shanghai companies on the Science and Technology Innovation Board remained the highest in the country. The Shanghai International Reinsurance Exchange was established, all nonferrous metal options on the Shanghai Futures Exchange were fully covered, and Shanghai’s shipping index futures trading volume ranked first globally. Furthermore, Shanghai leads the country in the number of bank wealth management firms, securities firms, fund firms, and futures firms. Fourth, the quality and efficiency of financial services have effectively improved. Multiple measures were introduced to support financing for small and medium-sized enterprises (SMEs). Shanghai’s SME financing environment indicator has ranked first in the country for four consecutive years. An action plan for building a global financial technology center was launched, and equity investment has played a crucial role in supporting the “first mile” of sci-tech innovation. The “32 Articles” on equity investment were issued and implemented, placing Shanghai among the nation’s leaders in private equity and start-up investment, in terms of the number of managers as well as the number and size of funds under management. Fifth, the financial development ecosystem continued to optimize. Efforts to revise and implement the Regulations of Shanghai Municipality on Promoting the Building of Shanghai as an International Financial Center have been promoted, and significant strides have been made in risk investigation and rectification. A total of nearly 2 million digital RMB application scenarios have been launched.The Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization emphasized the need to accelerate the construction of the Shanghai International Financial Center, while the Sixth Plenary Session of the 12th CPC Shanghai Municipal Committee called for the improvement of the service capabilities of the international financial center. In line with these directives, Shanghai’s financial system will fully implement the decisions and arrangements of both the CPC Central Committee and the CPC Shanghai Municipal Committee, as well as the Shanghai Municipal Government, ensuring the coordinated advancement of financial reforms, development, and stability. First, systematic planning will be prioritized. The city will execute the CPC Central Committee’s top-level guidelines for accelerating the construction of the Shanghai International Financial Center and will thoroughly study and compile the “15th Five-Year Plan” for the international financial center, ensuring its high-quality development. Second, the city will coordinate efforts and enhance financial support for high-quality economic development. This will include facilitating cross-border trade and investment, promoting the growth of high-end shipping services such as shipping insurance, strengthening financial backing for sci-tech innovation, and fostering the integrated development, harmonious synergy and mutual empowerment of the “Five Centers.” Third, the city will demonstrate leadership by leveraging the “experimental field” role of financial reform in the pioneer area for socialist modernization, the China (Shanghai) Pilot Free Trade Zone, and the Lin-gang Special Area. The city will accelerate the construction of the Shanghai International Reinsurance Center, explore offshore financial services, and further test innovative systems and paths for the country. Fourth, the city will drive regional growth by advancing the framework agreement on financial cooperation within the Yangtze River Delta. This will promote continuous high-quality development within both the Yangtze River Delta and the Yangtze River Economic Belt. Fifth, the city will pool the efforts of all sides and strengthen the construction mechanism for the Shanghai International Financial Center, enhancing coordination between the central and local entities, fostering vertical and horizontal collaboration, and encouraging active social participation.III.In 2024, the Shanghai Municipal Commission of Economy and Informatization implemented the directives of the CPC Shanghai Municipal Committee and the Shanghai Municipal Government, prioritizing the development of Shanghai as an international economic center. Efforts focused on enhancing the leadership of high-end industries, advancing new industrialization through targeted plans, and introducing 24 key industrial policies across areas such as the low-altitude economy, new materials, and industrial services. Additionally, the World Artificial Intelligence Conference and the High-level Meeting for Global AI Governance was successfully held, driving the high-quality growth of Shanghai’s industrial economy. This can be illustrated through three key “new” dimensions:The first dimension is “new quality,” reflecting the continuous emergence of new quality productive forces. This included the unveiling of a batch of major national equipment: the successful ignition of the 300 MW F-class heavy-duty gas turbine, the launch of the first batch of networking satellites for the “Thousand Sails Constellation,” the maiden commercial voyage of China’s first domestically-built large cruise ship, and the delivery of 16 C919 jumbo jets. Breakthroughs in key technologies were also achieved, such as the establishment of the first national-local co-built humanoid robot innovation center and the launch of the first artificial intelligence corpus company, with 63 foundational models successfully registered. Additionally, a batch of major projects have been launched, including the official opening of Huawei’s Qingpu R&D Center and the commencement of significant industrial initiatives like Tesla’s energy storage project.The second dimension is “new momentum,” highlighting the accelerated formation of new growth drivers. Emerging industries have shown robust growth, with industrial investment projected to achieve double-digit growth for the year. High-tech shipbuilding and integrated circuit output values are estimated to rise by approximately 17% and 20%, respectively. From January to November, the software and information service industry achieved a revenue increase of 10.9%, accounting for about 10% of GDP, solidifying its role as a key pillar industry for the city. Additionally, 1.65 million new energy vehicles have been promoted, ranking Shanghai first among cities nationwide in scale. Digital transformation and green development in the city are leading the country. Key indicators such as 5G base station density and gigabit optical network construction rank first nationally, while the intelligent manufacturing development index leads among cities in the Yangtze River Delta. Shanghai has also been designated as one of the first pilot cities for the integrated application of “5G + Industrial Internet.” The green manufacturing system has been further enhanced, with 145 national green factories and 28 zero-carbon factories established. Innovative enterprises have been experiencing accelerated growth, with over 12,000 Specialized and Sophisticated Enterprises cultivated. The 2024 Specialized and Sophisticated SME Development Conference was successfully held, and the city ranked first nationwide in the evaluation of the development environment for SMEs.The third dimension is “new policies,” referring to the effective implementation of innovative development measures. Significant progress has been made in building industrial clusters. Through “municipal-district coordination,” the first batch of 11 district-level industrial clusters, each valued at over 100 billion yuan, has been established, alongside the cultivation of 14 national-level specialized industrial clusters for SMEs. Additionally, five key clusters — new energy vehicles, integrated circuits, biopharma, jumbo jet, and naval architecture and ocean engineering — have been recognized as national advanced manufacturing clusters. Efforts to reduce costs and improve efficiency for industrial enterprises have yielded tangible results, with overall costs reduced by approximately 50 billion yuan over the year. Pilot programs for the AEO system in the industrial sector have streamlined enterprise-related inspections, while the intelligent manufacturing space within high-rise industrial buildings has been expanded by an additional 10.15 million square meters. Enterprise services have also seen notable advancements, including the establishment of an integrated mechanism for investment promotion and services. This has enabled enterprises to access preferential policies without requiring applications. Furthermore, the upgraded “Service Package 2.0” for key enterprises has been launched, addressing over 15,000 corporate appeals.In 2025, the Shanghai Municipal Commission of Economy and Informatization will continue driving Shanghai’s new industrialization with a focus on being “innovative,” “practical,” and “high-quality.” First, the city will vigorously advance the smart economy by deeply implementing the “AI Shanghai” initiative and accelerating the development of a leading innovation hub for the artificial intelligence industry. Second, the city will prioritize the growth of future-oriented industries by exploring new frontiers and emerging sectors such as smart terminals, biomanufacturing, marine equipment, space information, and robotics, fostering breakthroughs that serve as future industrial growth catalysts. Third, the city will further extend industrial services by expanding application scenarios in areas like integration of manufacturing and services, supply chain management, and green, low-carbon solutions. These efforts will empower industrial upgrades, accelerate the establishment of a modern industrial system anchored in advanced manufacturing, and make greater contributions to the high-quality development of Shanghai’s industrial economy.IV.In 2024, the city’s commerce departments thoroughly studied and implemented the spirits of General Secretary Xi Jinping’s important speech during his inspection tour to Shanghai, while delivering on the work directives of the CPC Shanghai Municipal Committee and the Shanghai Municipal Government, upholding the principle of the “Four Puts” (The “Four Puts” refers to putting the future development of Shanghai on the strategic positioning of the CPC Central Committee for Shanghai’s development, against the backdrop of economic globalization, in the overall pattern of national development, and in the country’s overall plan for the development of the Yangtze River Delta region) and aligning with the “Three Key” objectives of commerce work (The “Three Key” refers to that commerce is a key part of the domestic economic cycle, is a key hub connecting the domestic and international dual circulation and plays a key role in shaping the new development paradigm). With a focus on advancing major national strategies, supporting the mission of building the “Five Centers,” and contributing to the city’s overall goal of stabilizing growth, the commerce system has been driving the high-quality development of the commercial economy.First, high-level opening-up has achieved new breakthroughs. By fully aligning with international high-standard economic and trade rules, the city has been driving institutional opening-up to new heights. High-level institutional reforms within the pilot free trade zone have been promoted in an orderly manner, resulting in pioneering cases in cross-border trade and factor flow. For example, in digital trade, the city has been advancing cross-border mutual recognition of digital identities, strengthening international cooperation on policies, regulations, technical tools, and security standards, and fostering partnerships between the Lin-gang Special Area and the Ports of Auckland, New Zealand, and Valparaíso, Chile, to develop and implement digital shipping solutions. The city has also accelerated the development of major strategic opening-up platforms. The country’s first “Silk Road E-commerce” cooperation pilot zone has delivered 10 institutional innovation achievements, including “single declaration, bilateral clearance” and cross-border electronic invoice interoperability. Additionally, the city has established international exchange platforms such as the International Think Tank Alliance and the Cooperative Research and Training Center. The overall plan for the Shanghai Eastern Hub International Business Cooperation Zone has been approved and implementation is underway. Functional projects have commenced construction, and the institutional framework, covering operating systems, mechanisms, and customs supervision measures, is largely in place.Second, significant progress has been made in building an international consumer center city. The dual engines with policies and activities have invigorated the consumer market. On the policy front, the trade-in programs for cars and home appliances were implemented at the start of the year. Following the release of national policies, Shanghai expanded the subsidy scope to cover 7 categories and 106 items. The city-level dining vouchers were issued, benefiting over 15,000 participating restaurants, with concentrated and family-oriented dining becoming a popular trend in the city. On the activities front, a series of consumption promotion events were organized, including one festival and six seasonal campaigns. “First in Shanghai” and “Shanghai Summer” emerged as standout consumer market brands. During the “First in Shanghai” campaign, the Debut Economy 2.0 policy was unveiled, with 1,269 new first stores added in 2024, of which 17% were high-level establishments. Meanwhile, the “Shanghai Summer” campaign saw a 68.2% year-on-year increase in spending with foreign bank cards, with the average tax refund per customer exceeding 30,000 yuan.Third, new milestones have been achieved in the high-quality development of trade. The city has made significant strides in advancing digital, intelligent, and green trade, driving the qualitative upgrade of Shanghai as an international trade center. In 2024, the trade volume of Shanghai Port exceeded 11 trillion yuan for the first time, reaching 11.07 trillion yuan — a year-on-year increase of 3.9%. New foreign trade formats have been evolving rapidly. The Code 9610 cross-border e-commerce sea export pilot project has been completed and normalized. Through this initiative, the cross-border e-commerce sea express line from Shanghai to the U.S. west coast has reduced delivery times to just 11 days, with freight costs about 80% lower than air transport. Since the implementation of the offshore trade stamp duty exemption policy, tax savings have surpassed 100 million yuan, while offshore trade saw a 72.2% increase from January to November 2024. Innovation in service and digital trade has also accelerated. The policy framework for these sectors is being refined at a faster pace, with service trade and digital trade growing by 18.5% and 5.8% respectively from January to October 2024. Efforts to deepen international collaboration in digital trade have led to the establishment of the Shanghai Cooperation Zone for Digital Economy Partnership Agreement, which is being developed to a high standard.Next, Shanghai’s commerce system will prioritize advancing major national strategic initiatives, deepening high-level reform and opening-up, and driving the qualitative enhancement of the international trade center. Efforts will focus on vigorously boosting consumption, stabilizing foreign trade and investment, and achieving the goals and tasks outlined in the “14th Five-Year Plan” with high standards. These endeavors will lay a solid foundation for the successful launch of the “15th Five-Year Plan.”V.2024 marked the 10th anniversary of General Secretary Xi Jinping’s call for Shanghai to “accelerate its progress toward becoming a science and technology innovation center with global influence.” The year also served as the starting point for Shanghai’s international science and technology innovation center to embark on a new phase of development. The city’s science and technology initiatives have steadily advanced, achieving notable progress and breakthroughs. It is estimated that R&D expenditure accounted for approximately 4.4% of GDP, with investment in basic research making up about 11% of total R&D spending. During the reporting period, the number of high-tech enterprises was estimated to exceed 25,000, and the transaction value of technology contracts was projected to reach 520 billion yuan, representing a year-on-year increase of 7.2%. Revenue from the science and technology services industry was anticipated to grow by 9.2%. Significant acceleration has been achieved in both the “first kilometer” of basic research and the “last kilometer” of transforming scientific and technological achievements. Notably, in the Global Innovation Index 2024 released by the World Intellectual Property Organization, the Shanghai-Suzhou cluster ranks fifth globally.First, the city has been prioritizing efforts to incubate and enhance the supply of high-level innovations. It has been accelerating the development of a strategic scientific and technological power system, steadily advancing the construction of national laboratories in Shanghai, and establishing high-level R&D institutions such as the Shanghai Institute for Mathematics and Interdisciplinary Sciences and the Shanghai Synthetic Biology Innovation Center. The city has been propelling the creation of the “Basic Research Pioneer Zone.” It has launched the Shanghai Academy of Natural Sciences to implement a topic-driven talent selection mechanism, and support high-risk, high-value research. In 2024, Shanghai scientists published 158 papers in leading international academic journals (Cell, Nature, and Science), accounting for 30% of the national total. Efforts to advance research in key core technologies have yielded significant results. The city has been focusing on frontier fields such as cell and gene therapy, blockchain, quantum computing, and 6G, establishing forward-looking frameworks to accelerate the development of future-oriented industries. Second, the city has been prioritizing “ecology” to optimize the innovation and entrepreneurship environment. Shanghai is building a full-chain acceleration mechanism and a comprehensive factor support system across the innovation lifecycle for science and technology enterprises. Plans include high-quality incubators, proof-of-concept centers, and a robust focus on science and technology finance. The 100-billion-yuan parent fund for the three leading industries and the future-oriented industry fund have been established to expedite the industrialization of scientific and technological achievements and support enterprise growth. In the first three quarters of 2024, the loan balance for science and technology enterprises in Shanghai reached 1.26 trillion yuan, up 317.18 billion yuan, or 33.66%, year on year. Shanghai boasts 93 companies listed on the Science and Technology Innovation Board, with a combined market value exceeding 2 trillion yuan, maintaining its national leadership. The latest Hurun List ranks Shanghai first in promoting 10 new unicorn companies in 2024, bringing the city’s total to 65, second nationwide. With 67 gazelle companies, Shanghai now surpasses San Francisco, ranking first globally. The Yangtze River Delta Science and Technology Innovation Community continued to advance, exploring new pathways for international cooperation and accelerating the development of an open innovation network. Third, the city has been prioritizing “reform” to improve the efficiency of the innovation system. Reform efforts focus on optimizing project organization and implementation mechanisms. This includes establishing project manager teams, implementing “milestone-based” management processes, and dynamically adjusting projects as needed. The “open bidding for selecting the best candidates” model has been expanded to support disruptive technological innovation. The city has been piloting mechanisms including “selection through competition” and “assessment through investment.” The administration and management of scientific research funding has been further streamlined, and the “lump-sum project-funding system” has been extended to cover all soft science projects. The Regulations of Shanghai Municipality on Science and Technology Progress have been revised to strengthen legal protections for scientific and technological innovations.The National Science and Technology Conference held last year marked a rallying call to advance the goal of building a strong science and technology powerhouse by 2035. Moving forward, the city will prioritize strengthening the foundational role of scientific and technological innovation, while actively promoting the deep integration of innovation in science, technology, and industry. The city will comprehensively deepen reforms in the science and technology institutions and mechanisms, accelerate the development of the international science and technology innovation center, and take the lead through practical actions to foster new quality productive forces, in a bid to make greater contributions to building a strong innovation-driven nation.VI.Over the past year, significant progress has been made across various tasks in the transport sector. First, the construction of Shanghai International Shipping Center has reached a new milestone. On December 22, 2024, the 50 millionth standard container was loaded at Shanghai Port, setting a global port record. Shanghai Port has maintained its position as the world leader in container throughput for 15 consecutive years. Airport passenger throughput hit a historic high, and cargo and mail throughput is projected to rise to second place among global cities. Additionally, Shanghai ruled on the country’s first foreign-related maritime interim arbitration case, achieving a groundbreaking milestone in this service sector. According to the Xinhua Baltic International Shipping Center Development Index, Shanghai has ranked third in the world for five years in a row, underscoring its strength as a world-class shipping hub and contributing to the security and stability of the global industrial and supply chains. Second, new progress has been made in the development of the comprehensive transportation system. The “Yangtze River Delta on Rail” initiative continued to advance, contributing to the creation of higher-level urban transportation systems. In 2024, the Shanghai-Suzhou-Huzhou Railway and the western extension of Line 17 opened for operations, while the Shanghai Airport Link Line joined the multi-modal rail transit system, integrating seamlessly with the city’s public transport network. Together, these developments form a highly efficient, interconnected transportation network. The completion and full operation of the Beiheng Passage has balanced traffic flows and enhanced the resilience of the road network. Last year, investments in major transportation projects exceeded 95 billion yuan, marking a record high. Transportation remains a key driver in stabilizing growth and fostering development. Third, digitalization, intelligence, and green initiatives have emerged as new engines of progress. The functions of Shanghai MaaS Pass have been expanded, introducing services like the integration of day tickets. Mutual recognition of road test licenses for intelligent connected cars between Shanghai and Suzhou has been promoted, alongside road interconnection. The international container transportation service platform now offers “one-stop inquiry,” “one-stop service,” “integrated empowerment,” and “one-order coordination.” The shipping and trade sectors have been embracing digitalization with the adoption of electronic bills of lading, electronic cargo release, and multimodal transport. Furthermore, efforts to accelerate the development of a green and low-carbon energy supply chain are underway. Shanghai Port has become the first port in China to have capabilities for ship-to-ship green methanol bunkering. Empowering the sector through technology and seizing opportunities for transformation are key aspects of the ongoing reforms in transportation.Next, we will prioritize the implementation of key national strategies, enhance the service capabilities and outreach of the Shanghai International Shipping Center, and better support the high-quality development of the Yangtze River Delta and the Yangtze River Economic Belt. We will also focus on building a robust transportation hub for the city, continually improve the integrated transportation system, and provide full support to the city’s high-quality economic and social development. Additionally, we will emphasize the high-end, intelligent and green transformation, actively explore paths and scenarios for new quality productive forces to empower the transportation sector, and inject fresh momentum into its development and create new competitive advantages.