(Yicai Global) Jan. 25 -- Shanghai’s gross domestic product reached CNY3.87 trillion (USD597 billion) last year in a 1.7 percent annual rise, with per capita GDP passing USD23,000, according to Mayor Gong Zheng.

Growth was achieved against the backdrop of a deep recession in the world economy amid the severe impact of Covid-19, which slashed the eastern Chinese financial hub’s first-quarter GDP by 6.7 percentage points, Gong noted in his government work report to the annual meeting of the Shanghai Municipal People's Congress yesterday.

Per-capita disposable income of Shanghai's permanent residents reached CNY72,200 (USD11,148), a 4 percent increase. Per capita disposable income climbed 3.8 percent and 5.2 percent among urban and rural residents, Gong said.

China’s GDP reached CNY101.6 trillion last year, a 2.3 percent gain, according to data the National Bureau of Statistics released earlier this month. Per capita disposable income rose 2.1 percent to CNY32,189 after factoring out price factors.

Editor: Ben Armour, Xiao Yi