Shanghai to continue to boost BRI development

09 Oct 2023

Shanghai is set to continue to promote the development of the Belt and Road Initiative (BRI), according to a senior Shanghai official, undertaking numerous projects over the past 10 years.

"For the next step, Shanghai will build a channel for higher-quality two-way investment and trade, a hub for infrastructure interconnection featuring higher efficiency, a pillar for higher-level professional services, a link for closer people-to-people bonding and a platform for opening up to the outside world at a higher level," stated Hua Yuan, vice mayor of Shanghai, during an interview with Xinhua News Agency.

He added that all works will comply with the latest global development requirements, China Daily reports.

"Over the past decade, Shanghai has always regarded participating in the high-quality joint construction of the BRI as an important part of building the city into a domestic, large-cycle central node as well as a domestic and international dual-circulation strategic link. We've achieved a series of symbolic, pioneering and exemplary results based on the advantages of the city's own characteristics and functions," he said.

One example is Shanghai Electric Group's coal-power integrated project in Pakistan, which has provided electricity for 4 million households. 

As of June this year, Shanghai had invested $33.67 billion in countries involved in the BRI, with the total contracted project value within these countries reaching $81.13 billion. In addition, Hua added its trade and goods had amounted to over $1.5 trillion. 

Furthermore, Shanghai has been focusing on boosting economic, trade and investment cooperation with organisations based in countries involved in the BRI. 

According to the vice mayor, a program was introduced to promote communication among governments, businesses and enterprise-related service providers, as well as a comprehensive service centre. 

"Focusing on the financial industry, Shanghai has been improving its professional service capabilities and providing high-level service support for the joint building of the BRI," Hua said. 

Indeed, according to recent statistics, Shanghai's Cross-border Interbank Payment System (CIPS) added 59 new Belt and Road partners last year. 

Moreover, more than 1,000 overseas institutions traded in the interbank bond market at the Shanghai Stock Exchange via direct investment or the Bond Connect program, including 163 overseas institutions from BRI participating countries such as Singapore, Malaysia and Thailand, Shine News reports.