City on track to become socialist international metropolis

Shanghai is confident of achieving the 5 percent economic growth target and on track to become a modernized socialist international metropolis with global influence, Mayor Gong Zheng said on Saturday.

Gong detailed the city's economic development plans at a press conference after the second session of the 16th Shanghai People's Congress concluded on Saturday.

Shanghai will also enhance foreign-language services through the government's portal website, and offer convenience for foreigners' work permits, entry and exit as well as local payment services.

To deepen reform and opening up, Shanghai will also focus on facilitation of trade in goods, trade in services, digital trade and investment facilitation to carry out a greater degree of pressure testing in the free trade zone and build up a national-level open demonstration zone.

Shanghai registered record high actual utilization of foreign investment totaling US$24 billion in 2023.

"Shanghai was already home to 956 regional headquarters of multinational corporations and 561 foreign-invested R&D centers by the end of 2023, which fully proves its long-standing attractiveness for international investments in terms of manufacturing and supply chain," Gong said.

A dedicated mechanism would be put in place to better connect with overseas investment projects and relevant local authorities.

A total of 208 measures improving business environment was put into effect last year which received positive responses, and a further 150 measures will be unveiled later this year.

Research and innovation remain the keywords for Shanghai to become a hub of science and technology innovation.

Within the next four years, basic research expenditure is expected to account for about 13 percent of total R&D spending, he noted.

A high-calibre innovation platform will be set up to serve as an attractive vehicle to gather and retain talent, and follow-up measures would further unleash the creativity of talents, he added.