Shanghai witnessed a record high in foreign direct investment (FDI) reaching $24 billion last year, setting the stage for an ambitious agenda aimed at furthering the city’s international trade centre status and enhancing its business environment. Hua Yuan, the vice mayor of Shanghai, outlined key strategies during the city’s annual business working conference, emphasising the pivotal role of high-level opening-up in Shanghai’s economic development.
Shanghai plans to materialise major national strategies, including the Silk Road e-commerce cooperation pilot zone and the construction of the eastern hub international business cooperation zone in Pudong New Area. Additionally, the city is gearing up for the 7th China International Import Expo, aligning itself with global standards to attract trade entities with competitive edge and foster a conducive environment for international trade and investment.
Amidst this drive, Shanghai aims to boost consumer demand, expand exports, and optimise people’s livelihood and well-being. Notably, the city recorded impressive retail sales of consumer goods totaling 1.85 trillion yuan, marking a 12.6 percent year-on-year increase, outpacing other Chinese cities. Additionally, its foreign trade grew by 0.7 percent, amounting to 4.21 trillion yuan in 2023.