Shanghai eyes more foreign investment in new year

Shanghai continues to improve its business environment in order to attract more foreign investment. [Photo/Sipa]

Shanghai has been attracting more and more foreign investment since 1980, with its total actual use of foreign capital exceeding $270 billion in the past 40 years, according to Hua Yuan, director of the Shanghai Municipal Commission of Commerce.

The city plans to continue improving its business environment this year in an effort to attract more foreign investment, Hua added.

Shanghai currently has nearly 60,000 foreign-funded enterprises, contributing over one-quarter of the city's gross domestic product and more than one-third of its tax revenue.

The city is a national leader in attracting foreign investment. It was the first city in China to set up a national economic and technological development zone and bonded area, and it is home to the China (Shanghai) Pilot Free Trade Zone (FTZ), the first pilot FTZ in the country. It plans to continue to lead the nation's efforts to open up in the future.

Statistics show that Shanghai is currently home to 767 regional headquarters of multinational companies, making it the city with the highest number of regional headquarters and foreign-funded R&D centers on the Chinese mainland, reflecting its increasing economic appeal to foreign investors.

This year, Shanghai will seize upon opportunities brought about by the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Trans-Pacific Partnership to boost opening-up. Efforts will also be made to increase the degree of openness in the financial sector, including banks, securities, insurance, and future goods.

In addition, the city will eye more investment from advanced manufacturing industries such as integrated circuits, artificial intelligence, and biological medicine, as well as strategic emerging industries and high value-added services.

Furthermore, preferential policies will be rolled out in an effort to encourage more transnational corporations to set up their Asia-Pacific headquarters, global headquarters, and global research and development centers in Shanghai.

Shanghai plans to continue opening its doors with a focus on institutional opening-up that encompasses rules, regulations, management, and standards. The city will also continue its efforts to foster a business environment based on market principles, governed by law, and up to international standards.