Shanghai will accelerate its development into a world-class science and technology center during the 14th Five-Year Plan (2021-25), officials said on Wednesday.
The actual use of foreign capital in Shanghai's Pudong New Area reached $5.09 billion in the first half of the year, with a year-on-year increase of 8.52 percent, according to the local commerce bureau.
Over the past decade, Saudi Basic Industries has witnessed Kangqiao district of Shanghai's Pudong New Area transform from being just fields into a booming industrial cluster.
Share prices of companies with businesses related to the Pudong New Area surged on Tuesday following reports that the eastern part of Shanghai will pioneer China's higher level of reform and opening-up.
More multinational corporations have set up their regional headquarters or research and development centers in Shanghai, which were officially recognized by the city on May 24 in a move further cementing its position as a magnet for foreign businesses.
Shanghai announced on March 31 a series of new initiatives to speed up the development of its cultural industries.
Pudong New Area, as the first AI innovation application pilot area in China, was home to about 600 artificial intelligence companies, with a total value of more than 91 billion yuan ($14.08 billion), by the end of 2020.
Foreign direct investment in Shanghai hit a record high in 2020 despite the COVID-19 epidemic, according to data from the municipal government.