City loses its edge to competing regions
By Wang Yanlin |
July 7, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI has lost ground in commercial activities due to fierce competition from other cities in China, the Shanghai Commission of Commerce said yesterday.
Commission Chairman Sha Hailin said the strategically important sector is a "life and death issue to Shanghai in the next five years."
Sha said "this sense of urgency" will help push Shanghai to maintain its position.
Despite the alarming tone of the report, Shanghai remains the country's leader in commerce. It will run pilot programs on inner city duty-free shops, tax breaks for overseas travelers, more advanced e-commerce and improved services to stimulate spending, the report said.
"The gap is narrowing between Shanghai and some other cities in terms of commerce. Other cities are catching up fast," said the report, which details the commission's work during the 12th Five-Year Plan (2011-2015). "To secure the position as a leader, Shanghai needs to make more pioneering efforts."
There are many foreseeable challenges, the report said. For example, fast development in neighboring cities has made it more difficult for Shanghai, which has higher business costs.
The city is also in urgent need of experienced commerce professionals with global experience.
Also, the global economy remains murky while the yuan exchange rate, speculation over commodities and trade protectionism are producing further uncertainty.
The city will introduce a basket of measures to stay at the top, including improving logistics and financial services, expanding the wholesale industry, promoting e-commerce and bolstering time-honored Chinese brands, most of which originated in Shanghai, the report said.
Commission Chairman Sha Hailin said the strategically important sector is a "life and death issue to Shanghai in the next five years."
Sha said "this sense of urgency" will help push Shanghai to maintain its position.
Despite the alarming tone of the report, Shanghai remains the country's leader in commerce. It will run pilot programs on inner city duty-free shops, tax breaks for overseas travelers, more advanced e-commerce and improved services to stimulate spending, the report said.
"The gap is narrowing between Shanghai and some other cities in terms of commerce. Other cities are catching up fast," said the report, which details the commission's work during the 12th Five-Year Plan (2011-2015). "To secure the position as a leader, Shanghai needs to make more pioneering efforts."
There are many foreseeable challenges, the report said. For example, fast development in neighboring cities has made it more difficult for Shanghai, which has higher business costs.
The city is also in urgent need of experienced commerce professionals with global experience.
Also, the global economy remains murky while the yuan exchange rate, speculation over commodities and trade protectionism are producing further uncertainty.
The city will introduce a basket of measures to stay at the top, including improving logistics and financial services, expanding the wholesale industry, promoting e-commerce and bolstering time-honored Chinese brands, most of which originated in Shanghai, the report said.
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