Eager to boost its economic growth during the COVID-19 pandemic, Shanghai announced 24 new policies in mid-April to further improve the city's business environment and attract more foreign investors.

The measures were introduced to implement the country's deepened opening-up policies, step up investment promotion, make business opportunities more accessible to foreign investors and better protect their legal rights, the municipal government said.

Foreign direct investment in the nonfinancial sector fell by 10.8 percent on the Chinese mainland on a yearly basis to 216.19 billion yuan ($31.2 billion) in the first quarter of this year, the Ministry of Commerce said April 22.

Currently, the decline of foreign investment in China is mainly due to the fact that production and operation cannot be carried out normally amid the pandemic. In response, the 24 new policies are intended to strengthen key foreign enterprises and solve specific production and operation problems.

Shanghai initiated visits to more than 700 regional headquarters and some headquarters of multinational companies in February, providing all-round contact services to 50,000 foreign companies to help them solve problems related to epidemic prevention materials, logistics and transport.

The 24 new policies facilitated Shanghai to achieve remarkable success in stabilizing foreign investment, so other places in China have followed suit. Guangdong, for example, has strengthened coordination services for foreign companies, helping 40 multinational companies, including Wal-mart and LG, with logistics, labor, raw materials, and prevention and control materials.

The 24 new policies, which are in line with China's deepened opening-up policies, are expected to step up investment promotion, make business opportunities more accessible to foreign investors and protect their legal rights, said the Shanghai government.

Apart from China's improved business environment dominated by the market economy, the nation's comprehensive advantages in efficiency, labor quality, resources, and digital and physical infrastructure will continue to help the nation attract investment from global companies over the long term.

Shanghai sets to attract foreign investors by launching 24 new policies in mid-April. [Photo/WeChat account: scofcom]