08 Feb 2023
Shanghai has announced it is to focus on building a strong foundation to attract more foreign investment.
The city plans to make the most of the open economy to tempt more foreign investment, boost the efficiency of headquartered economies and develop more high-level multinational firms.
During Shanghai’s annual commercial work conference on Tuesday, key tasks for commercial development this year were outlined, focused on promoting commerce and the economy.
According to a Shine news report, the “goal is to effectively improve quality and achieve reasonable growth in quantity, and to accelerate the construction of a modern socialist metropolis with global influence.”
Key tasks include accelerating the growth of new international trade, optimising the business environment for cross-border trade and bolstering the ability to avoid and control global economic and trade risks.
To boost trade innovation in services, the city aims to create a national demonstration zone on the services trade innovation and development and actively develop digital trade.
Shanghai will also increase the scale of commodity markets, nurture high-capacity commodity trading platforms and increase the integration of domestic and foreign trade.
Last year, the city recorded an all-time high in the actual use of foreign investment of $23.96 billion.
Shanghai’s total import and export of goods reached 4.2 trillion Yuan ($619 billion) in 2022, a 3.2% increase year-on-year to reach another record high in scale. In addition, the total amount of port trade remained in the top spot among global cities.
Furthermore, retails sales of social consumer goods totalled 1.64 trillion Yuan, the Shine report goes on to add. Additionally, 1,073 brands established their first stores in Shanghai last year, with both quality and quantity remaining in a leading position among domestic cities.