Shanghai pledges making the investment climate more attractive

Shanghai intends to take additional measures to strengthen its opening and integration with the global economy.

"We welcome foreign investors to the city and see them achieve fruitful results, thus ensuring a win-win situation," Shanghai Vice Mayor Hua Yuan said at the working meeting on Thursday.

"The city could also realize our strategic blueprint and opening up objectives."

With international commerce totaling 4.2 trillion yuan (US$591 billion) and actual usage of foreign direct investment reaching a record high of US$24 billion last year, Hua believes it demonstrates foreign firms' faith in the city.

"These figures indicate that our economy is on an upward track, and we'll continue to play a pioneering role in the modernization process," he said.

Shanghai also welcomes new ideas and comments as it continues to improve services for foreign citizens to help them with their business and daily activities.

Foreigner arrivals and exits in Shanghai were 3.56 million last year, a 19-fold increase from 2022.

A fresh wave of measures to improve the business environment, as well as ground-breaking reforms to align with global economic and trade standards, will come into force.

Further opening-up measures will include pioneering reforms in tandem with the Pudong New Area's pilot comprehensive reforms and the Yangtze River Delta region's integrated development.

According to the most recent property firm CBRE's 2024 China Investor Intentions Survey, up to 47 percent of investors are willing to engage in more proactive investment efforts rather than selling assets, a 13-percent increase from last year.

Shanghai is the most popular destination for commercial property investment, with 66 percent of investors preferring it, much higher than any other domestic cities.

The long-term economic development forecasts will drive a resurgence in commercial property rentals, boosting investor morale, the survey said.