The municipal government of Shanghai has unveiled a comprehensive set of policies aimed at promoting international trade and attracting foreign investment. The measures, which include 21 items for stabilizing foreign trade and 20 articles for foreign investment, were announced by Hua Yuan, the vice-mayor of Shanghai, during a news conference on Tuesday.
These policies were formulated in response to the need for continuous high-quality development amid the challenges faced by the East China metropolis. They aim to maintain growth, optimize cross-border trade, and introduce high-quality foreign capital. The policies focus on stabilizing imports and exports, exploring dynamic markets, and offering improved services for foreign investments.
The results have been positive. According to reports, Shanghai recorded 4.19 trillion yuan in imports and exports of goods in 2022, up 3.2 percent year-on-year, while its actual use of foreign direct investment amounted to $23.96 billion in the same year, the third year in a row that it surpassed $20 billion.
In the first two months of 2023, the city’s resilience continued, with 681.56 billion yuan worth of goods imported and exported and its actual use of foreign direct investment rising by 18 percent to $4.96 billion. This shows that the city’s role as a trade hub and a top destination for foreign investment remains strong.
Furthermore, the establishment of 11 multinational corporations’ regional headquarters and five foreign-funded R&D centers in January and February underscores Shanghai’s appeal to foreign investors seeking high-quality development opportunities.
The new policies will also offer higher standard opening-up, support and introduce high-quality foreign capital, and provide improved services for foreign investments. These measures are expected to further enhance Shanghai’s function as a trade hub and solidify its status as a top choice for foreign investment.