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Despite market complexities and uncertainties, which have been aggravated by the COVID-19 pandemic, Shanghai has managed to meet the goals in its 13th Five-Year Plan (2016-20), with the city's annual GDP estimated to top 3.9 trillion yuan (6 billion) by the end of this year, the municipal government announced on Thursday.

Despite job gains, Mary Daly, president of the Federal Reserve Bank of San Francisco, said the unemployment rate is likely to stay above 10 percent for the rest of 2020.

Despite the global economic and trade situation being sluggish, the fundamentals supporting China's foreign trade development have not only remained unchanged but gradually strengthened in certain aspects.

Democratic Party leader Lee Haechan told a party meeting: "We feel heavy responsibility, which outweighs our joy of winning the election. We will make preemptive and aggressive efforts to overcome the novel coronavirus crisis and the threat it poses to livelihoods and the national economy."

Despite frequent rains this winter, total precipitation this season has barely exceeded 200 millimeters, far short of the record precipitation in Shanghai's winter history－more than 370 millimeters－Kong said.