Shanghai continues to further boost its competitiveness and attractiveness as a destination for investment, according to senior municipal government officials during the fourth China International Import Expo.

This virtual event was attended by “representatives mainly from multinational, state-owned, and private enterprises, professional service providers, foreign consulates in Shanghai, international organisations, and investment promotion agencies,” according to a Shine report.

Shanghai’s latest achievements were detailed during the Expo, such as the 9.8% increase in GDP year-on-year during the first nine months of this year, bolstered by industrial recovery, robust new growth drivers and ongoing consumption demand.

In addition, in terms of import and export statistics, Shanghai remained at the top of global cities with total foreign trade rising 15.4% from the same time last year to 2.92 trillion yuan (US$456.7 billion) during the first nine months.

There are now around 70,000 foreign-invested enterprises in Shanghai as well as over 800 certified regional HQs of multinational organisations. Moreover, foreign investment rose 15% to US$17.847 billion between January and September, with the number of newly founded foreign-funded companies increasing 27.1% from the same time last year to 5,136.

Furthermore, Shanghai’s research and development spending is equivalent to approximately 4.1% of GDP, and by the end of Q3, there were close to 17,000 hi-tech enterprises in Shanghai, as well as 88 state-level R&D institutions, and more than 500 foreign-invested R&D hubs set up in the city. 

"Shanghai leads the growth of the Yangtze River Delta region, and that's why we have set up our science and innovation headquarters as well as our China headquarters here," state Leon Wang, executive vice president, international, and China president of AstraZeneca. "The city is definitely irreplaceable in terms of its large number of high-level talent in various fields, and many of our partners are also located in Shanghai."

Additionally, Shanghai Mayor Gong Zheng said at the Expo: "Shanghai is determined to make every effort to promote high-quality development, create high-quality life, and achieve high-efficiency governance to enhance its core competitiveness and comprehensive soft power. Friends from all around the world are always welcome to learn about, invest in, and grow with Shanghai where more opportunities for investment and development, as well as better business environment and services, will be provided."