Shanghai to provide high-standard opening-up platform for BRI: vice mayor

Shanghai has implemented a batch of demonstration projects on the Belt and Road Initiative (BRI) over the past decade, said Hua Yuan, vice mayor of Shanghai.

In an exclusive interview with Xinhua, Hua said Shanghai will continue to contribute to promoting the high-quality development of the BRI.

From 2013 to June 2023, Shanghai invested US$33.67 billion in countries participating in the BRI, and its total contracted project value in relevant countries reached US$81.13 billion.

"Shanghai regards participating in the high-quality construction of the BRI as an important part of building a central node of the domestic economy and a strategic linkage for the positive interplay between domestic and international economic flows," said Hua.

As of the first half of 2023, the numbers of multinational companies' regional headquarters and foreign R&D centers in Shanghai reached 922 and 544, respectively.

Hua introduced that to deepen economic, trade and investment cooperation, Shanghai has constantly innovated work methods. For example, a comprehensive service center has been set up, and a mini program has been launched to promote the communication of government, enterprises and enterprise-related service providers.

"Focusing on the financial industry, Shanghai has comprehensively improved its professional service capabilities and provided high-level service support for the joint building of the BRI," said Hua, adding that Shanghai has continued to promote the two-way opening of the financial market and build an investment and financing center for the BRI.

Statistics show that the Cross-border Interbank Payment System (CIPS) in Shanghai added 59 new Belt and Road partners in 2022.

At the Shanghai Stock Exchange, more than 1,000 overseas institutions trade in the interbank bond market through direct investment channels or through the Bond Connect program, including 163 overseas institutions from BRI participating countries, including Singapore, Malaysia and Thailand.

Shanghai has also improved infrastructure connectivity. Shanghai Port has become the port with the most container routes, the most frequent cargo ships and the most extensive coverage in China.

Hua said Shanghai has leveraged large platforms for international cooperation to serve the joint building of the Belt and Road, such as the Shanghai pilot free trade zone and the China International Import Expo (CIIE).

The Shanghai pilot free trade zone has constantly strengthened its function of serving the BRI. The CIIE has become a platform for high-level opening up and an international public good shared by the world.

There are also platforms for exchanges in culture, science and technology. The Belt and Road Film Festival Alliance has expanded its members to 48 countries and regions. Shanghai took the lead in setting up a program for young scientist exchanges, attracting outstanding young scientists from more than 40 countries participating in the BRI to carry out scientific research in Shanghai.

In the future, Hua said that Shanghai is dedicated to building two-way investment and trade passages of higher quality, a hub for infrastructure connectivity of higher efficiency, professional services support of greater capability, a bridge for people-to-people exchange of higher level, and a platform for higher-standard opening up.