Shanghai is set to prioritise the launch of cutting-edge, integrated policies, optimising the business environment and stabilising economic growth in 2023, according to the city's mayor, Gong Zheng.

Shanghai's mayor was speaking after the conclusion of the 16th Shanghai People's Congress.

"With active response to the impact of the coronavirus and other unexpected factors, Shanghai's economy saw a V-shaped rebound in 2022, showing that its economic resilience, potential, vitality and long-term positive fundamentals have not changed," the mayor stated.

Reform and opening-up results remained positive, with foreign investment utilisation reaching a fresh high and an increase in multinational firms setting up regional headquarters and research and development centres, Shine News reports.

Furthermore, Shanghai saw new emerging industries playing an ever-greater role in fuelling economic growth whilst new jobs were created and disposable income increased last year.

The mayor added that in order to reach the 2023 economic growth target of over 5.5%, Shanghai will focus on "stability", in terms of growth, employment and prices.

"In particular, we need to make greater efforts in three aspects and seek greater breakthroughs," Gong said, who went on to highlight the accomplishments and future plans of the Lingang Special Area of the city's pilot free trade zone.

Since its launch three years ago, the Lingang area has issued 283 policies, and the number of signed projects reached 1,380 with a total investment of 774.5 billion Yuan ($115.5 billion). 

The focus will be placed on institutional innovation in areas including the digital economy and intellectual property protection. The investment will be made in forming industrial clusters such as new-energy vehicles, artificial intelligence and integrated circuits.

Emerging financial industries, fintech and cross-border finance, will also be boosted to enhance emerging financial industries, as well as offshore trade development, digital trade and new types of global trade.