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April 9, 2021

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City aims to become a hub of global trade

By Ding Yining | 00:06 UTC+8 April 9, 2021 | Print Edition

SHANGHAI has unveiled a detailed action plan over the next five years to enhance its status as a global trade hub and vows to further enhance its attractiveness to overseas businesses.

By 2025, Shanghai aims to become an investment gateway in the Asia Pacific region, an international city with the latest consumer goods offerings and retail formats, an Asia Pacific supply chain management center, a forerunner in innovative trade mechanisms and pilot trade zones, as well as a center for international exhibitions and conferences. 

Vice Mayor Zong Ming said yesterday that the city will accelerate the construction of national and city-level cross-border e-commerce comprehensive pilot zones and encourage the introduction of new business formats such as cross-border e-commerce operation centers, logistics and settlement centers to tap the potential of cross-border e-commerce.

Gu Jun, director of the Shanghai Commerce Commission, said the city added 14 regional headquarters and five foreign research and development centers in the first quarter of this year. 

“We will make every effort to make Shanghai’s business environment better known for those who have not yet settled in the city, and district level government will coordinate with investment promotional agencies to serve foreign business and potential investors,” he said. 

Between 2015 to 2020, Shanghai further improved its business environment and trade volume, and its retail transaction size also topped other domestic cities. Retail market had grown to 1.6 trillion yuan (US$244 billion) by 2020 from 1 trillion yuan in 2015. 

Shanghai will also explore the establishment of public service platforms such as digital trade intellectual property comprehensive services, digital trade cross-border payment and settlement, digital trade data sharing services, cross-border trade data compliance consulting services to seek integrated development in the Yangtze River Delta region and serve neighboring regions. 

The city will also fully leverage the China International Import Expo to play up its influence and encourage relevant exhibitions and conferences to be held with an aim to promote high quality consumer products and encourage the worldwide debut of latest offerings. 

By the end of 2020, Shanghai was home to the regional headquarters of 711 multinational companies and 481 research and development centers.

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