SHANGHAI - Shanghai ranks sixth among cities globally in terms of economic aggregate, according to a report released on Friday at the ongoing China International Import Expo (CIIE).

Shanghai's total expenditure on research and development accounts for more than 4 percent of its GDP, significantly higher than the national average

The report, by the Development Research Center of the State Council, said Shanghai's gross domestic product (GDP) totaled 3.8 trillion yuan (about US$573 billion) in 2019, ranking second among Asian cities and sixth globally.

Shanghai's total expenditure on research and development (R&D) accounts for more than 4 percent of its GDP, significantly higher than the national average.

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The added value of the financial industry in the city has surpassed that of London and Tokyo, being second only to New York City. Its total financial market transactions are expected to exceed 2,000 trillion yuan this year, according to the report.

So far, a total of 758 regional headquarters of foreign-funded multinational companies and 475 foreign-funded R&D centers have been established in Shanghai.

The city's foreign capital inflows rose 6.1 percent year on year to US$15.5 billion in the first three quarters of 2020, indicating that international investors continue to value the development prospects of Shanghai and the country as a whole.

Alain Crozier, chairman and CEO of Microsoft Greater China Region, said Microsoft added a new 7,000-square-meter building and hired around 500 new employees in Shanghai over the past few months. "Next year, we will double our recourses in Shanghai," he said.  

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