To pursue high-quality development, Shanghai focuses on improving its core functions as an international economic hub. [Photo/CFP]

Since the 18th National Congress of the Communist Party of China in 2012, Shanghai has made unremitting efforts to establish itself as an international center for economy, finance, trade, shipping and scientific and technological innovation, which has greatly enhanced the city's capabilities and core competitiveness.

During this period, Shanghai's stature as an international economic center has grown steadily. Its annual economic output has exceeded the thresholds of 3 trillion yuan ($414.54 billion) and 4 trillion yuan, reaching 4.72 trillion yuan in 2023, thus maintaining its leading position among China's economic centers.

The framework for a modern industrial system has been effectively established, positioning the city to rise to the top of the global value chain. The international influence of "Shanghai Indexes" and "Shanghai Prices" continues to expand and strengthen.

Imports and exports in 2023 reached 7.73 trillion yuan, accounting for 18.5 percent of the national total.

Foreign investment has brought more innovation resources to the city. In 2023, the city's foreign trade reached 4.2 trillion yuan, up 0.7 percent year-on-year. The actual utilization of foreign capital reached $24.09 billion, setting a new record. The number of regional headquarters of multinational corporations reached 956.

To achieve high-quality development, Shanghai is focusing on improving its core functions as an international economic hub, promoting new industries, businesses and models, integrating industrial chains, optimizing the business environment, stimulating market vitality and accelerating the upgrading of its economic structure.

Shanghai has been selected as one of the most attractive Chinese cities for expats for 13 consecutive years. As of 2023, a total of 434,000 work permits have been issued to expats. The quantity and quality of foreign professionals in Shanghai are the highest in China.

Improved business environment

Since 2018, Shanghai has implemented seven rounds of action plans to improve its business environment, creating several innovative practices in areas such as license processing, project approval and enterprise deregistration, which have been copied and promoted nationwide, helping China's business environment to rise in global rankings.

In early 2024, Shanghai launched version 7.0 of its business environment reform plan, which will upgrade standards in vital sectors, enhancing business competitiveness. It will also streamline services and oversight for enterprises, catering better to their needs throughout their lifecycle in the city.

Shanghai has optimized the approval, management and service processes for various fields, further simplified land use procedures, streamlined the surveying and mapping for engineering and construction projects, reduced the complexity of final acceptance of construction projects and improved the transparency of intermediate service management.

[Photo/Shanghai Foreign Investment Guide 2023]

Updated: April 11, 2024

Sources: Shanghai Municipal Government Work Report, 2024 Shanghai Basic Facts, Shanghai Foreign Investment Guide 2023