The service economy plays a crucial role in Shanghai's economic development. In 2018, led by information, business and technology services, the added value of the service industry gained 8.7 percent year-on-year. A major propeller of the economy, the service industry contributed 92.0 percent to Shanghai's economic growth, driving overall economic growth up by 6.1 percentage points.

Emerging service industries such as information transfer, and software and information technology posted a rapid growth rate. Revenue of enterprises with annual revenue of 20 million yuan ($2.86 million) or more jumped 12.7 percent year-on-year. Revenue from leasing and business services rose 9.8 percent year-on-year. Development of science research and technology services gained momentum with revenue from major enterprises soaring 16 percent. The traditional service industry gained new opportunities as revenue from transport, storage and postal service increased 13 percent year-on-year.