May 27, 2019

City makes further push for foreign investment

Shanghai is making efforts to introduce high-quality foreign investment by launching open policies, offering high-quality services and improving the business environment.

Recently, foreign-funded enterprises have become a major driver for Shanghai’s economic development. The city is attracting more transnational corporations to participate in the construction of the scientific innovation center.

Foreign investment growth in Shanghai was steady in the first three months of this year. The city gained 1,411 foreign-funded projects in the first quarter, up 43.4 percent from a year earlier.

By the end of last year, the city had boasted 670 regional headquarters and 441 research centers of transnational enterprises.

Shanghai attracted a total contractual foreign investment of US$14.1 billion and actual foreign investment of US$4.468 billion in the first quarter, an increase of 33.7 percent and 20.3 percent, respectively, year-on-year.

More and more foreign enterprises have decided to invest in Shanghai. In January, electric carmaker Tesla started the first-phase construction of its biggest overseas Gigafactory in Shanghai, which will promote the development of the city’s new-energy auto industry.

Shanghai is also exploring reform measures for institutional openness. The Shanghai Free Trade Zone first launched the negative list of foreign investment in 2013, which was later expanded to the whole country in 2016.

Besides, roundtable conferences are held by the city’s business and commerce authorities to solicit opinions of foreign-funded enterprises on improving the business environment.