Overview of Shanghai
Situated on the east coast of China near the mouth of the Yangtze River, Shanghai is internationally known as a pioneer of China's opening-up to the world for its inclusiveness, pursuit of excellence, and cultural diversity.
Marching toward new goals, the city at the forefront of China's opening-up endeavor is dedicated to playing a greater role in allocating global resources, nurturing sci-tech innovations, supporting high-end industries and further opening up gateways to the world. In this way, high-quality economic growth and more brilliant achievements will be seen in a more liberalized and inclusive market driven by greater innovation.
First, the openness of Shanghai means the city is developing into a global center of excellence in line with the highest international standards and best practices. As China's most important gateway to the world, Shanghai has persistently functioned as a leader in the national opening-up initiative.
In 2019, the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone (SHFTZ) was inaugurated as a special economic function zone benchmarked against the most competitive internationally recognized FTZs. Enabling the free flow of investment, trade, capital, transport and personnel, the zone has further intensified Shanghai's efforts to liberalize and facilitate investment and trade.
Second, the openness of Shanghai translates into one of the most desired investment destinations in the world, one that is characterized by increasing vitality and an optimized business environment. Government authorities in Shanghai have made a point of offering local businesses expedient administrative services through government programs and policies that better meet their needs. While promoting the branding of "Shanghai Service" supported by the city's tradition of providing premium services, the Shanghai government has introduced a series of reform programs and policies that aim to extensively improve the business environment with a focus on ensuring satisfaction for businesses and service providers.
In addition to the 164 reform programs and policies introduced over the past two years, the government is planning to issue 122 new measures to benefit more local businesses in a more targeted manner. Thanks to these remarkable efforts, Shanghai attracted a record-breaking $19.05 billion in paid-in foreign investment in 2019, averaging over $52 million a day.
Third, Shanghai's openness is shown in its pursuit of world-leading science and technology innovations that empower high-quality economic development. As a leader of national opening-up, the economic growth along the Yangtze River Economic Belt and the integrated development of the Yangtze River Delta region, Shanghai is playing a crucial role as the world's strongest center of concentrated global innovation resources.
At the beginning of 2020, Shanghai released the 3.0 version of its business environment reform plan – the Implementation Plan on Deepening the All-round Development of a World-leading Business Environment in Shanghai.