Shanghai adviser calls for measures to boost investor confidence

Political advisers are calling for improvements in the precision and implementation of policies to boost foreign investors' confidence in Shanghai as the annual Two Sessions raised its curtain on Monday.

Li Ling, a member of the Shanghai Committee of the Chinese People's Political Consultative Conference, said foreign-invested companies have been playing an important role in Shanghai's industrial development and innovation, providing the driving force for its deeper reform and further opening-up.

"To attract more quality enterprises and their innovative businesses from all over the world is crucial for Shanghai's economic development and improvement of global competitivity in the long run," said Li.

He called for refining favorable policies related to foreign ventures, optimizing the business environment, and inviting foreign enterprises to invest in Shanghai on a wider scale, such as expanding their headquarters' functions and enhancing their headquarters' capacity.

The government should improve corresponding supporting policies and build up a full foreign investment service system, he said.

He also called for the launch of a platform to promote public awareness of policies in place and services available and help foreign investors have a better understanding of Shanghai's investment environment.

From January to October last year, according to official statistics, Shanghai saw 4,908 newly established foreign-invested enterprises, an increase of 37.7 percent from the same period in 2022.