Shanghai outlines global trade center targets

Shanghai has outlined a series of targets to further consolidate its position as an international trade center over the next five years.

"The guideline retains key indicators from the previous plan while responding to new trends and changes in global trade. It sets out 10 targets covering trade, consumption and the city's functions as an international trade center," said Zhu Min, deputy secretary-general of the Shanghai Municipal Government, during a news conference on the guideline of Shanghai's development into an international trade center during the 15th Five-Year Plan (2026-30) period.

"In terms of trade, the focus will be on enhancing competitiveness and capabilities for international trade cooperation," said Zhu on Thursday.

According to Zhu, Shanghai's trade volume has exceeded 10 trillion yuan ($1.49 trillion) for five consecutive years, making it the city with the largest import and export volume in the world. The city is home to more than 1,100 regional headquarters of multinational corporations, as well as 670 foreign R&D centers, the most among Chinese cities.

To facilitate the implementation of the plan, 22 key tasks across four areas have been tailored, ranging from improving trade hub functions and promoting trade innovation and development, to building Shanghai into an international consumption center city and expanding high-level opening-up.

Shanghai's annual trade in services has already exceeded $250 billion, ranking first among all provinces and municipalities in China. Digital services alone accounted for more than $110 billion of the total.