Shanghai lays out plan to boost digital economy, catch up with Beijing, Shenzhen

Shanghai has unveiled a plan to bolster its digital economy by focusing on blockchain technology and AI infrastructure. The city aims to double down on these sectors as it competes with other Chinese tech hubs, such as Beijing and Shenzhen. The municipal government introduced a five-year plan for a "digital Shanghai," outlining 11 concrete goals, with the promotion of blockchain adoption being the only mandatory target.

By 2025, blockchain use cases should cover 60 percent of the city's economy, and by 2030, the city aims to achieve 100 percent blockchain adoption in key industries. Peng Peng, executive chairman of the government-affiliated think tank Guangdong Society of Reform, highlighted the fundamental role of blockchain in building "digital Shanghai."

Shanghai, with its economic scale, data volume, internationalization, and digital industrial base, is well-positioned to assume responsibilities in a national blockchain network. The city also plans to establish a "solid digital intelligence foundation" by developing intelligent computing centers in various districts and ensuring that green power accounts for more than 80 percent of the energy used by these facilities.

Shanghai's digital economy is expected to account for 20 percent of its regional GDP by 2030, up from 18 percent in 2025. China's policymakers have stated that the nation's overall digital economy should comprise 12.5 percent of the country's GDP.