Shanghai's gross domestic product grew 5 per cent year on year in the first quarter, with a total GDP of 1.11 trillion yuan (US$153 billion), according to figures released on Friday by the Shanghai Bureau of Statistics.
In the first quarter, the city's industrial added value grew 1.9 percent year on year.
The three leading industries – integrated circuits, artificial intelligence, and biomedicine – maintained their growth, with integrated circuits outperforming by a growth rate of 14 percent.
Shanghai, the world's No. 1 city in terms of NEV ownership, is also maintaining good growth momentum with a NEV production growth rate of 3.1 percent.
The city's value-added service sector grew by 5.8 percent year on year in the first quarter, among which, the transportation, storage, and postal industry grew the fastest, with an added value of 57.724 billion yuan, up 16.5 percent.
As the nation's economic and trade center, Shanghai's financial market performed well in the first quarter, with turnover up 15.6 percent year on year.
It is worth mentioning that there is a significant increase in the balance of local and foreign currency deposits and the balance of local and foreign currency loans of Chinese and foreign financial institutions in the city, which grew by 6.7 percent and 7.8 percent respectively.

Real estate in the core areas of Shanghai is still quite attractive for investors.
Real estate
Shanghai's real estate development investment growth showed a good trend with an increase of 8.1 percent.
Real estate in the core areas of Shanghai is still quite attractive for investors.
On March 28, the opening and selection of Zhonghai-Shunchang Nine Mile in Huangpu District set a new record for property openings in the Chinese property market with a total sales amount of approximately 19.65 billion yuan.
According to Yan Yuejin, research director of E-House Research Institute, the hot sales of luxury properties played an important role and pioneer orientation in the recovery of the property market.
The Shanghai investor confidence index returned to the optimistic zone in the first quarter of 2024, up 11.81 points sequentially and down 3.46 points year on year, according to a report on Shanghai's socio-economic indices released by the Shanghai University of Finance and Economics.
It indicates that the mindset of Shanghai investor confidence is increasingly positive.
Among them, the confidence index of Shanghai's institutional investors increased significantly both quarter on quarter and year on year, up 21.20 points and 10.48 points respectively.
"To accelerate the development of the new quality productive forces, relevant policies were intensively introduced," said Xu Guoxiang, director of the Center for Applied Statistical Research.
"The view of institutional investors on the A-share market is favorable. In addition, a series of tax cuts and fee reductions introduced by the government in the first quarter of 2024 effectively stimulated the rebound of the domestic market, thus improving investor confidence."
Consumption
In terms of consumption, market consumption in the first quarter remained stable, with the city's total retail sales of social consumer goods amounting to 461.435 billion yuan.
The retail sales category of communication equipment saw the most rapid growth of 17.7 percent, higher than the national figure of 13.2 percent.
Online retail sales also maintained a high growth rate of 8.3 percent.
Shanghai residents' income also showed growth.
In the first quarter, the city's per capita disposable income was 24,640 yuan, up 4.9 percent year on year.

Shanghai realized 3.7 trillion yuan of e-commerce turnover in 2023, up 11.7 percent year on year, of which 1.6 trillion yuan of online shopping turnover was realized, up 22.2 percent year on year according to official data.
Source: Shanghai Daily