Shanghai is accelerating its efforts to build an international trade centre. [Photo/CFP]

Shanghai is accelerating its efforts to build an international trade centre, a national strategy that was initiated in 1992 and guided by the State Council in 2001. During the 13th Five-Year Plan (2016-20) period, Shanghai enhanced its role as a global trade hub, increased its influence, diversified its trade functions and upgraded its trade business to a higher value chain, improving the city's trade centre capacity significantly.

From January to September 2023, Shanghai's total imports and exports amounted to 3.17 trillion yuan ($447.34 billion), up 2.7 percent from the same period in 2022. The total retail sales of consumer goods hit 1.38 trillion yuan, up 16.1 percent year-on-year.

In recent years, Shanghai has advanced the high-quality development of the Belt and Road Initiative. It has established friendly ties with 91 provinces, states and cities from 59 countries. The service centre for the Belt and Road Initiative operates effectively and the China-Europe freight train service runs more frequently. Relying on its advantages as a seaport, airport and digital infrastructure hub, Shanghai has pushed forward the construction of the maritime, air and digital Silk Road.

It has also expanded the scale of two-way investment and trade. The number and amount of overseas investment projects by Shanghai-based companies ranked among the top in the country. Utilising its strengths as an international financial centre, Shanghai has provided more financing and funding services and attracted several foreign-funded banks, branches and representative offices to set up in the city. The cross-border payment system for renminbi (CIPS) covers nearly 50 countries.

During the 14th Five-Year Plan (2021-25) period, Shanghai is committed to improving the convenience of trade and investment and upgrading its function as a trade hub. Shanghai will build a demonstration zone of international trade, develop digital trade and knowledge-intensive service trade, make breakthroughs in offshore trade, coordinate onshore and offshore business, build an international consumption city and turn itself into a world exhibition centre.

 

Sources: Information Office of Shanghai Municipality, Shanghai Municipal Statistics Bureau