Xinhua said the 492-meter-tall building, constructed in the Lujiazui area of Pudong District by the Shanghai Construction Group, would have a total area of 381,600 square meters with 104 floors, three of them underground.
The building will house shops, conference centers, offices and the Park Hyatt Shanghai hotel, while the very top floors will be devoted to high-level sightseeing - giving visitors the chance to look down on the city from a height of 474 meters.
The giant structure, called the Shanghai World Financial Center, is expected to attract 3 million tourists annually with the entrance fee starting at around $15.
Work on the skyscraper was launched in 1997 but was later suspended due to the Asian financial crisis. The construction was resumed in 2003.