Shanghai’s GDP per capita has exceeded 180,000 Yuan ($26,335) for the first time, according to the city’s latest statistics report.

The statement says that despite “unprecedented risks and challenges for the city last year, we were able to demonstrate resilient economic growth and improved living conditions for our people.”

Last year, Shanghai produced 180,400 Yuan GDP per capita, a 3.9% increase from 2021’s 173,630 Yuan figure. 

In addition, Shanghai remained in the top spot among cities on the Chinese mainland last year, Shine News reports, with a GDP of 4.465 trillion Yuan.

In Q1, Shanghai recorded a 3.1% growth rate, yet the rate declined 5.7% between January and June due to the pandemic. However, thanks to the government’s efforts to bolster the economy, Shanghai registered a 0.2% fall in GDP for the entire year, due to the rapid recovery in H2.

“Shanghai has managed to maintain a relatively stable economic and social development despite all the drawbacks. Now we have an optimised economic structure, reasonable prices, and renewed confidence for the future,” according to the report.

Within the financial sector, there was a rise in output of 862.631 billion Yuan, up 5.2%, whilst the level of funding spent on IT, software and information transmission services was up 6.2% at around 378.86 billion Yuan.

In addition, Shanghai attracted record high foreign investment of $23.5 billion last year, as a total of 531 research and development centres and 891 regional headquarters of multinational corporations opted to locate in the city.

Furthermore, Shanghai’s rate of inflation stabilised at 2.5% in 2022, hitting the target set at the start of 2021.

Shanghai residents continued to experience positive growth in regard to per-capita disposable income, which rose 2% annually to 79,610 Yuan.

The city also continued its run of adding over 500,000 new jobs for the 19th consecutive year in 2022, with an additional 563,500 new jobs.