[Video provided by sh.gov.cn]

Shanghai will develop opportunities, optimize the business environment and further enhance government service standards with the aim of creating a better future for both global investors and its residents, according to the city's senior officials.

Li Qiang, Party secretary of Shanghai and Gong Zheng, mayor of Shanghai, made the remarks during the 2021 Shanghai City Promotion Convention on Nov 6, a sideline event of the fourth China International Import Expo (CIIE), at Shanghai Tower.

The event, which has been held annually during the CIIE since 2019, is closely tied to the overarching theme of the expo - "New Era, Shared Future."

This year's event focused on sharing the new opportunities available in Shanghai and showcasing the city's efforts in deepening reforms and opening-up, advancing digital transformation, building a pleasant living environment, attracting high-end talent, and fostering a world-class business environment.

Huge opportunities

As China's economic and financial center, the Shanghai of today is full of energy and vibrancy and has started a new journey toward becoming an international metropolis with global influence.

In the first three quarters of the year, the city's GDP rose 9.8 percent year-on-year. It also saw a steady growth in its industrial investment, with its industrial added value of supportive industries growing by 15.2 percent year-on-year. Strategic emerging industries such as new energy vehicles, new energy, high-end equipment and biomedicine have become Shanghai's new driving forces.

The city is now pursuing high-standard opening up and promoting win-win cooperation with more regions and countries on a larger scale and in greater depth. A new system of open economy of higher standards is also taking shape in the city.

According to statistics, the foreign trade volume of Shanghai increased by 15.4 percent year-on-year in the first three quarters of the year. Ports in Shanghai handled imports and exports valued at 7.28 trillion yuan ($1,140.28 billion), an increase of 14.5 percent year-on-year. Cargo import and export value increased 17.8 percent year-on-year, reaching 2.9 trillion yuan. Paid-in foreign investment rose 15 percent year-on-year in the first three quarters to $17.85 billion.

The number of newly established foreign companies was 5,136, a 27.1 percent year-on-year increase. The total value of contracted foreign investment was $44.51 billion. By the end of September, Shanghai was home to the headquarters of 818 multinational companies, a reflection of the city's attractiveness to investors and entrepreneurs.

Strong innovation capability

Over the years, Shanghai has been focused on establishing a new system to boost technological and institutional innovation, and has made notable achievements in its quest to become a hub for scientific and technical innovation.

Shanghai has consistently increased its input in innovation, with the total expenditure on research and development (R&D) accounting for 4.1 percent of the city's GDP, reaching the level of developed countries.

As of the end of September, Shanghai had a total of 88 national R&D institutions and about 17,000 high-tech enterprises. Twenty R&D centers from around the world have been set up in Shanghai, bringing the total number of such facilities in the city to 501. The city's environment for innovation has also been greatly improved - it was home to more than 500 maker spaces and 14 national university science parks as of the end of September.

Full of charm and glamour

People living and working in Shanghai view the city as a place that is full of charm and glamour. This is one reason why the city managed to retain its position as the most attractive Chinese city to foreign talent for the 11th consecutive year.

The Shanghai government guarantees and improves the wellbeing of its residents through constant development, strives for social equity and justice in the process of green transition, and aims to give people a better sense of fulfilment, happiness and security.

Blessed with a favorable environment and rich historical resources, the city is striving to build itself into a famous tourist destination.

Shanghai made significant achievements in environmental protection in the first three quarters of the year, with the average concentration across the city of PM2.5 – harmful particulate matter smaller than 2.5 microns - stood at 26 micrograms per cubic meter, down 16.1 percent year-on-year.

Future goals

Shanghai will continue to strengthen its core urban function, improve people's living standards, enhance the soft power of the city, enhance the quality of ecosystems and the environment, and improve city governance and urban management, according to the city's 14th Five-Year Plan (2021-25).

The plan stipulated that Shanghai will adhere to the nation's new development philosophy of building a new development dynamic while pursuing high-quality development.

Efforts will also be made to support the high-level reform and opening-up of the city, and strengthen the city's position as a central node for domestic circulation and a strategic link to China's new "dual circulation" development paradigm.

Shanghai will make the enhancement of "soft power" a key task in its 14th Five-Year Plan. It will also devote greater attention to enhancing urban function and core competitiveness and steadily improving the capacity and level of governance of modern socialist international metropolises.

Shanghai is expected to foster new drivers for its economic development by adopting an innovation-driven development strategy.

The local government will strengthen efforts in building three innovation highlands for its three leading industries, namely integrated circuit, biomedicine, and artificial intelligence. The focus will be on promoting the cluster development of six key industries: electronic information, life sciences, automobile, high-end equipment, new materials, and modern consumption.

The city has unveiled the construction plan for five new towns that would support its urban development and optimize its industrial layout in the 14th Five-Year Plan.

According to the plan, each of the five areas - the districts of Jiading, Qingpu, Songjiang, Fengxian, and Nanhui in Pudong New Area - will have a unique industrial layout. For example, Jiading will focus on new energy vehicle development while Songjiang will be devoted to high-end manufacturing industry growth.

The five new towns will be developed as independent and comprehensive nodes among the city clusters in the Yangtze River Delta region by 2025 and provide strategic support for Shanghai's future development.

Shanghai will strive to build a high-level opening-up platform. The city will also take full advantages of Pudong's role as a pioneer in the country's socialist modernization and higher level of reform and opening-up. Efforts will be made to expand opening-up at the institutional level in terms of rules, regulations, management, and standards.

The authorities will continue to develop the Lin-gang Special Area and promote the two-way opening-up of the demonstration zone for green and integrated ecological development of the Yangtze River Delta. Efforts will also be made to build the Hongqiao International Hub into a distribution center for international trade.

Shanghai will speed up digital transformation with the aim of building itself into an international digital city with worldwide influence. The integrated development of the digital and the real economy will be further promoted, and the government will increase investment in new infrastructure. The online new economy will be boosted, and a new generation of industrial clusters related to the internet will be fostered. Shanghai's urban management level will be improved by promoting one-stop government services.

Shanghai will stay true to the principle that "lucid waters and lush mountains are invaluable assets", prioritize eco-environmental progress and pursue green development. In line with the country's goals of reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060, Shanghai will actively restructure its current model of economic development to protect the ecological environment and seek sustainable development.

Shanghai is expected to provide a good environment for the hiring of top global talents, and the city will be enhancing its medical services for expats and international educational resources for their children in order to attract high-quality talent.

Shanghai is committed to creating a world-class business environment that is backed by high administrative efficiency, standardized government services, and a comprehensive legal system for trade and investment.