(Yicai) Jan. 23 -- Shanghai's annual gross domestic product surpassed CNY5 trillion (USD686.2 billion) last year, making it the first of China’s cities to achieve this milestone.

Shanghai's GDP expanded 5 percent, the same rate as the national economy, to CNY5.39 trillion (USD740 billion) in the 12 months ended Dec. 31, according to a municipal report released yesterday. The local government set this year's GDP growth target at around 5 percent.

This growth reflects Shanghai’s enhanced industrial structure, advancements in leading industries such as integrated circuits, artificial intelligence, and biopharmaceuticals, as well as its strong position in international finance, trade, and port operations.

The city's industrial structure was further optimized last year, the report said. Primary industry’s value-added output was about CNY10 billion (USD1.4 billion), down 0.9 percent on the previous year. Secondary industry climbed 2.4 percent to CNY1.16 trillion, while tertiary industry jumped 5.7 percent to CNY4.22 trillion, with its share of the city’s GDP increasing to 78 percent.

The value-added output of Shanghai’s three leading industries grew rapidly: 21 percent for IC, 7.1 percent for AI, and 3.3 percent for biopharma.

Production of several new industrial products surged, with output of lithium-ion batteries rising 29 percent, notebook computers 21 percent, integrated circuits 11.3 percent, sensors 10.9 percent, microcomputer devices 10.8 percent, and three-dimensional printers 7.2 percent.

Major tertiary industries had notable growth. The value-added output of transportation, warehousing, and postal services reached CNY200.3 billion (USD27.5 billion), up 19.2 percent. Information transmission, software, and information technology services contributed CNY606.2 billion, a 12.9 percent gain, while the financial sector and leasing and business services rose 7.9 percent and 6.4 percent to CNY807.3 billion and CNY462.6 billion, respectively.

The number of licensed financial institutions in Shanghai topped 1,782 last year, with the total transaction value of the city's financial markets climbing 8.2 percent to CNY365 trillion (USD50.1 billion) from the year before.

Securities trading jumped 13.1 percent on the Shanghai Stock Exchange, 25 percent on the Shanghai Futures Exchange, and 43 percent on the China Financial Futures Exchange. In addition, the Shanghai International Reinsurance Registration and Trading Center and the Shanghai Regional Center of the International Monetary Fund were set up last year.

The twenty-foot equivalent unit throughput of the Shanghai Port reached 51.51 million, becoming the first in the world to exceed 50 million and leading globally for the 15th straight year. Water-to-water container transshipment rose 11.5 percent to 31.69 million TEUs. Trade through the port exceeded CNY11 trillion (USD1.5 trillion), also leading the world.

Disposable income per Shanghai resident, or income after tax, rose 4.2 percent year on year to CNY88,366 (USD12,138), ranking first among China's provincial-level regions. The city's urban unemployment rate was 4.2 percent.

Editors: Tang Shihua, Martin Kadiev