Shanghai is set to boost its post-pandemic re-opening by providing an improved business environment in order to maintain its status as a hotspot for foreign investment.

According to a statement by a top official on Monday, Shanghai’s foreign investment increased to over $12 million in the first six months of the year, despite the tough domestic and global conditions.

Shanghai Executive Vice Mayor Wu Qing affirmed that 26 multinational regional HQs are newly located in the city, as well as 10 research and development centres.

"Opening-up is a key national policy for China and is Shanghai's greatest advantage," Wu commented.

"Shanghai has become a preferred place for the global roll-out of the industrial, supply and innovation chains of multinational companies," he added.

Foreign businesses play a crucial role in Shanghai's economic and social development, and have also bolstered economic growth and innovation, the city’s Executive Vice Mayor went on to say.

Up to now, 857 multinational firms have selected Shanghai as their regional base, and 516 have opened R&D hubs in the city.

Shanghai is set to boost the catalogue for foreign investment, particularly in the high-tech, added-value and knowledge industries, Shine News reports.

Further industrial parks will also be created for foreign firms, predominantly in the so-called five “new cities”, along with the southern Jinshan and northern Baoshan districts.

Shanghai is also planning to attract more international professionals, which according to Wu Qing is the city’s “most important resource.”

Global talent will also benefit from preferential visa and residency policies, housing, immigration, medical services and education, he added.

Acting as a vital platform to boost the re-opening, the upcoming 5th China International Import Expo taking place in November has already attracted more than 270 top multinational companies and over 50 countries to participate online, says Shanghai Mayor Gong Zheng.