Shanghai has revealed plans to bolster confidence for the promotion of economic growth, according to official sources on Sunday.

The municipal government unveiled a 10-point action plan, with three of the main points being to increase demand, boost confidence and drive towards achieving stable growth as Shanghai focuses on hitting 5.5% GDP growth this year, China Daily reports.

"Considering that we have entered a new phase of COVID-19 response and economic recovery is not yet on a solid footing, it would be an arduous journey to achieve the 5.5% economic growth target.

Therefore, we have formulated the action plan to boost confidence, expand demand expansion, and promote growth stabilisation," stated Wu Qing, executive vice-mayor of Shanghai, at a press conference on Sunday. 

The plans also include actions such as helping firms to increase employment and create new roles, enhance investment, heighten industrial innovation, stabilise foreign trade and generate a world-class business environment, amongst other factors.

In addition, the action plan was founded on the analysis of past measures in supporting businesses and focused on suggestions from market entities, Shanghai's executive vice-mayor added.

Following the pandemic, Shanghai introduced three rounds of steps to boost economic growth and help businesses last year, which eased the burden of several market entities by over 300 billion Yuan ($44.25 billion) in 2022.

"Efforts from all walks of life have contributed to the V-shaped recovery of Shanghai's economy," Wu stated.

Furthermore, the deputy director of the Shanghai Development and Reform Commission, Ruan Qing, said the city should see fixed-asset investment increase by around 5% to reach 1 trillion Yuan this year.

"The scaling up in effective investment has played a key role in achieving stable growth in the past few years," Ruan stated.