In 2024, Shanghai made significant strides in strengthening its position as an international trade center, with notable achievements in both goods and services trade, foreign investment, and institutional innovation.

The city’s total trade reached 11.07 trillion yuan ($1.53 trillion) at its ports, a 3.9-percent year-on-year increase, while service trade exceeded $250 billion.

Additionally, Shanghai attracted $17.5 billion in actual utilized foreign investment.

The city also certified 60 new regional headquarters of multinational companies and 30 foreign-funded research and development centers, bringing the cumulative totals to 1,016 and 591, respectively.

Breakthroughs in high-level opening-up

Shanghai implemented a series of pioneering measures to deepen institutional openness last year.

A key initiative was the comprehensive implementation of the Overall Plan for Advancing High-Level Institutional Openness in the China (Shanghai) Pilot Free Trade Zone, fostering innovative practices in cross-border trade, financial services, and resource mobility.

The city also accelerated the development of the Silk Road E-commerce Cooperation Pilot Zone, achieving 10 institutional innovations, such as "single declaration for bilateral customs clearance" and cross-border e-invoice interoperability.

Furthermore, Shanghai made steady progress in developing a demonstration zone for cooperation with members of the Digital Economy Partnership Agreement, a new trade partnership agreement initiated by New Zealand, Singapore and Chile.

The city also advanced the Eastern Hub International Business Cooperation Zone, with its overall plan approved and key functional projects launched.

The 7th China International Import Expo (CIIE) further solidified Shanghai's role as a global trade platform, with the Shanghai trade delegation recording $10.1 billion in intended transactions, a 6.3-percent year-on-year increase. The expo also hosted 92 high-level meetings and events related to Shanghai.

Ahead of the expo, Shanghai officially launched the 365 Trade Fair website – 365tradefair.com. This year-round online exhibition platform complements the six-day in-person expo, ensuring continuous engagement between buyers and exhibitors and extending the impact of the CIIE beyond the expo period.

Enhanced trade hub functions

In 2024, Shanghai's total imports and exports reached 4.27 trillion yuan, a 1.3-percent increase year on year, marking the ninth consecutive year of growth.

Exports grew by 4.6 percent, with Shanghai engaging in trade with over 200 countries and regions. Trade with countries involved in the Belt and Road Initiative increased by 4.8 percent.

The city also pioneered innovations in bulk commodity trading, leveraging blockchain technology for supply chain financing and establishing a national bulk commodity warehouse receipt registration center.

Additionally, Shanghai improved trade facilitation, reducing cross-border e-commerce cargo processing time by nearly 30 percent and optimizing international transshipment operations, cutting overall processing time by 50 percent.

Upgraded trade development capabilities

In 2024, Shanghai accelerated the cultivation of new trade formats, with 636 enterprises participating in the offshore trade pilot program using free trade accounts.

The city also introduced measures to promote used car exports and expanded its green trade initiatives, including broadening the import catalog for remanufactured products.

In digital and service trade, Shanghai rolled out high-quality development plans and hosted the 11th China (Shanghai) International Technology Import and Export Fair.

The city also strengthened legal safeguards with the implementation of the Regulations of Shanghai Municipality on Promoting the Development of Shanghai into an International Trade Center in February 2024.

Improved two-way investment

In 2024, Shanghai enhanced its ability to attract foreign investment, organizing 13 overseas promotion events under the "Invest in Shanghai, Share the Future" campaign.

The city also optimized policies to support foreign-funded R&D centers and hosted over 270 high-level international business events.

To better serve foreign enterprises, Shanghai established a direct communication mechanism with regional headquarters of multinational companies and launched a "service package" initiative for key foreign-funded companies.

On the outbound investment front, the city introduced a three-year action plan to improve the ESG capabilities of domestic enterprises – the first of its kind in China.

Source: Official WeChat account of Shanghai Municipal Commission of Commerce