City's 2024 GDP grew 5 percent year on year

Shanghai's gross domestic product (GDP) grew 5 percent year on year in 2024, official data showed on Friday.

The city achieved a regional GDP of 5.39 trillion yuan (US$734 billion) last year, an increase of 5 percent over the previous year, according to Shanghai Statistics Bureau.

Meanwhile, the city's GDP in 2023 was revised to 5.14 trillion yuan.

Gu Jun, director of the Shanghai Development and Reform Commission, said: "In the past year, Shanghai's economic development has been growing steadily under the effective effect of economic policies. This year, we should expand the high level of opening up to the outside world and stimulate the vitality of the market."

China's GDP reached a record 134.9084 trillion yuan (US$18.77 trillion) last year, which grew 5 percent year on year, meeting the government's full-year target.