Mayor vows to further improve Shanghai’s business environment

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According to Mayor Pang Zheng, Shanghai is working to improve its business environment to attract foreign investments and companies, and has implemented several measures based on proposals put forward by global business leaders at the IBLAC session. .

At the 35th International Business Leaders Advisory Council (IBLAC) meeting held on Sunday, Mr. Gong took the stage to provide an overview of Shanghai’s economic and social development, highlighting the city’s resilience, stable growth, and high-quality development. He emphasized his efforts to

Despite the challenges faced amid the global pandemic, Shanghai’s economy has shown remarkable resilience and vitality. The city focuses on stability and progress, deepening high-level reforms, and opening up to promote sustainable economic growth.

All major economic indicators, including fixed asset investment, private investment, and industrial investment, achieved double-digit growth in the first three quarters. The consumer market has fully recovered, and total retail sales of consumer goods increased by more than 10%. The cultural and tourism market also recovered and reached the same level as 2019.

Mr. Gong emphasized the city’s efforts to shift from old driving forces to new ones and accelerate the construction of a modern industrial system supported by the real economy.

Shanghai has prioritized the development of strategic emerging industries such as integrated circuits, biomedicine, and artificial intelligence, which have shown significant growth and contributed to the city’s overall economic development. Emerging fields such as new energy vehicles, new energy, and high-end equipment have also made significant progress, with production value increasing at double-digit rates.

He pointed out that reform and opening up is an important pillar of Shanghai’s development strategy. The city is actively developing “five centers” and taking the lead in a comprehensive reform experiment in Pudong New Area.

Taking advantage of open platforms such as the Shanghai Free Trade Zone and the Lingang Special Zone, the number of regional headquarters and R&D centers of multinational companies is rapidly increasing in Shanghai. So far this year, 49 regional headquarters and 20 foreign-funded R&D centers have been established, bringing the cumulative number to 940 and 551, respectively, further confirming the city as a preferred destination for foreign investment and global industrial chain deployment. It was done.

Mayor vows to further improve Shanghai's business environment

Chan Chi / Ti Gong

While Shanghai focuses on economic development, it also continues to focus on improving people’s welfare. Per capita disposable income is rapidly increasing and new jobs are being created. Efforts such as urban renewal are accelerating, and numerous urban village renovation projects are underway. Additionally, efforts to strengthen the ecological environment have added 95 new parks and improved the air quality index, which indicates good air quality.

Shanghai’s achievements are a testament to the city’s solid foundations, favorable conditions and strong confidence in its continuous improvement. Despite the challenges, Shanghai’s commitment to stability, progress and quality development has helped it win the trust of global investors and achieve even more noteworthy results.

“We have solid foundations, favorable conditions and confidence to promote sustained improvement in economic performance, strengthen internal dynamics, continuously improve social expectations and resolve risks and dangers. We will strive to achieve our economic and social goals and challenges.’We will continue to develop throughout the year and aim for even better results,” Gong said.

Looking to the future, Shanghai is committed to strengthening its business environment and attracting more foreign investments and enterprises. Using the World Bank’s new Doing Business Environment Rating System as a guide, deepen benchmarking reforms and implement important measures to foster continuous improvement of the business environment.

The mayor emphasized the need to deepen market-oriented reforms and unleash the vitality of market actors. By removing institutional and mechanical barriers and leveraging the decisive role of markets in resource allocation, the city aims to stimulate the vitality of different types of actors, including foreign-funded enterprises.

Two key focuses are reducing entry barriers and operating costs for businesses, and optimizing enterprise services.

Shanghai will fully implement the revised Catalog of Industries Promoted by Foreign Investment and Negative List to ensure consistency between domestic and foreign investment. Strengthen support for foreign investment and companies in areas such as finance, taxation, personnel exchange, and import/export.

On the other hand, we aim to improve the convenience of businesses by optimizing corporate services through digital empowerment and online platforms that provide one-stop administrative services.

Shanghai also aims to create a fair, stable and predictable legal environment. Comprehensive integration of government operations into the rule of law will be prioritized and the fairness and stability of the business environment will be strengthened.

Currently, the Business Environment Regulations are being revised, and are scheduled to go into effect early next year, with the aim of creating a more complete system. Furthermore, based on the Foreign Investment Law, fair and impartial regulations will be promoted to protect the rights and interests of market entities, including foreign-invested enterprises.

Mr. Gon also emphasized the importance of expanding openness and aligning with high international economic and trade rules. He said the city’s advantage lies in its openness, which needs to be further exploited to optimize the business environment.

Specifically, efforts will focus on accelerating construction at the “five centers” and deepening comprehensive pilot reform in Pudong. High-level institutional-based opening up will be promoted in FTZs and port areas, and progress will be made in the liberalization and facilitation of trade in goods, trade in services, digital trade, and investment.

In line with President Xi Jinping’s initiatives, Shanghai is implementing the “Silk Road e-commerce” cooperation pilot zone to further strengthen trade connectivity, promote cross-border e-commerce, and promote digital trade. There is. It also aims to establish a national pilot zone for the innovative development of trade in services.



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