Shanghai to accelerate opening-up as actual use of FDI hits $24b

While Shanghai's actual use of foreign direct investment hit $24 billion last year, reaching a record high, the municipal government looks to continue high-level opening-up, promoting its status as an international trade center, optimizing business environment, as well as improving people's livelihood in the upcoming year, according to official sources.

With the continuous efforts in facilitating Shanghai to build an international trade center and a global hub of consumption metropolis, the city achieved a steady recovery in commerce and investment performance in 2023, making positive contribution to Shanghai's overall economic development, said Hua Yuan, vice-mayor of Shanghai, during the city's annual business working conference on Wednesday

"High level of opening-up plays an extremely important role in Shanghai's development, and in the year of 2024, we will continue to materialize major national strategies, including the development of the pilot zone for Silk Road e-commerce cooperation, the construction of the eastern hub international business cooperation zone in Pudong New Area, and the 7th China International Import Expo," Hua said.

"In the meantime, as Shanghai is pursuing a new level of international trade, we will keep pace with the highest international standards, attracting and nurturing trade entities with global competitiveness, facilitating international trade and investment with outstanding business environment, and seizing emerging opportunities in digitalization and decarbonization," said Hua.

Hua also called for more innovative efforts to drive consumers demand from both home and abroad, constantly expanding exports by raising competitiveness and exploring existing and emerging markets, as well as more optimizations in people's livelihood and well-being.

According to Hua, in 2023, Shanghai registered 1.85 trillion yuan in retail sales of consumer goods, up 12.6 percent year-on-year, leading other Chinese cities. Its foreign trade grew 0.7 percent, amounting to 4.21 trillion yuan.