(Yicai) Nov. 10 -- China's economic center of Shanghai is at a critical stage of achieving structural upgrading in its global industrial competitiveness, with the effects of structural optimization gradually becoming apparent, but still needing to enhance momentum to realize systematic upgrading, according to a new report.

Among Shanghai's key industries, new energy vehicles, biomedicine, integrated circuits, and particularly shipbuilding and marine engineering have shown significant growth and become an important driving force for development, according to a report released by the Shanghai Academy of Social Sciences at the China International Import Expo yesterday.

Advanced materials, artificial intelligence, and civil aviation contribute less, but they are in a crucial phase of technological accumulation and market expansion and will likely become new growth points, the report said. Traditional industries also have substantial room for improvement, with strong capabilities for tech progress and growth, it added.

Regarding market performance, Shanghai's global advantage requires a better connection with domestic demand, the report noted. From a growth perspective, the innovative transformation capabilities in the NEVs, integrated circuits, and shipbuilding and marine engineering areas are significant, while AI, advanced materials, biomedicine, and traditional industries have declined by varying degrees.

The export structure is undergoing profound changes, and the future industrial development will move towards intelligence, greenness, and integration, according to the report.

Marine engineering refers to the fixed or mobile platforms, devices, and systems used for the exploration, extraction, processing, management, and offshore construction and operations of marine resources.

Editor: Martin Kadiev