Shanghai renews allure as world-class business hub

Having long been shaped by internationalization, Shanghai has continued to refine its business environment over the years and is resolute in providing a fair, stable, transparent and predictable environment for businesses regardless of their size and nationality, according to official sources.

"Home to nearly 80,000 foreign investment enterprises, many of which have been in the city for decades, Shanghai sincerely invites investors, entrepreneurs, and hardworking individuals from home and abroad to work and live here," said Liu Jian, deputy secretary-general of the Shanghai Municipal Government during a news conference on Thursday in Shanghai.

According to Liu, this year marks the ninth consecutive year that Shanghai has issued its action plan for building a world-class business environment. All parties involved are currently making every effort to achieve this year's targets for improving the business environment.

"Thanks to constant efforts made to optimize the investment environment for international companies, many foreign enterprises have launched new investments such as adding new product lines, upgrading technologies, and establishing new R&D centers through domestic reinvestment so far this year," said Liu, who is also director of the Shanghai Municipal Development and Reform Commission.

The continuously improved environment also extends from facilitating expatriates' work and life in the city to supporting entrepreneurship. "Many districts have issued their own policies for one-person company (OPC). Among all, the Shanghai's Hongqiao International Central Business District is collaborating with Minhang district to create an international community for OPC.