Local economy will continue to flourish through difficult times

Shanghai's commerce will develop a new system for a more open economy in 2020.

"Despite the circumstances at home and abroad, the overall economy in the city ran steadily and made progress in 2019," said Hua Yuan, director of Shanghai Commission of Commerce.

Retail sales of consumer goods totaled 1.35 trillion yuan (US$190 billion) last year, an increase of 6.5 percent year on year. It helped to rank Shanghai the top among all cities on the Chinese mainland in terms of retail scale, which made great contributions to the city's economic growth.

Foreign trade was stable, with overall import and export of goods through Shanghai ports at 8.4 trillion yuan, up 0.1 percent, maintaining its position as the world's largest port city for trade in goods. 

The use of foreign capital has increased. The number of new foreign-invested projects jumped by 21.5 percent. The value of foreign investment advanced 7.1 percent, while paid-in value rose 10.1 percent to a high of more than US$19 billion. 

The structure of outbound foreign investment has improved, with the outbound direct investment of  US$14 billion in 2019, ranking second among mainland cities. 

Hua highlighted breakthroughs in the core functions of an international trade center. For instance, the vitality of the consumer market was inspired after measures on consumption, boosting the night economy and support for time-honored brands and small shops with Shanghai characteristics.

The city has the country's first provincial action plan on digital trade, and  cross-border e-commerce grew 53.1 percent.

A total of 50 regional headquarters and 20 research and development centers have been newly certified in the city, bringing the numbers to 720 and 461 respectively. At the same time, 193 headquarters of private enterprises were certified. The city hopes to attract another 40 regional headquarters and 15 R&D centers in 2020.

Shanghai has 100 supply chain demonstration enterprises, resource allocation platforms that integrate industrial chains. 

For 2020, Hua highlighted the task of fighting the coronavirus, ensuring adequate supply of materials, enhancing regulations and management of industries, and support for enterprises resuming work in an orderly manner.

The Foreign Investment Law and national measures to stabilize foreign investment will further liberalize market access and attract more overseas capital, Hua said.