Shanghai improves business environment for foreign enterprises

From improved market access to more efficient project implementation, Shanghai is making foreign investment easier and faster.

The city has expanded market access and the scope of opening-up with a focus on the services sector, especially in areas such as telecommunications and healthcare.

So far, 26 foreign-funded companies have obtained value-added telecom service licenses, and 60 have completed business scope changes to engage in biotechnology.

In healthcare, Shanghai DeltaHealth Hospital has become the country's first wholly foreign-owned cardiovascular specialty hospital.

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Faster delivery

    

Project timelines are shrinking. Louis Vuitton's The Louis , a cruise-shaped landmark on West Nanjing Road, moved from design plans to construction in just three months.

The improved efficiency is also evident in trade. Customs reforms have cut overall import clearance time from two days to around two hours. Fresh fruit from South America can now reach consumers' tables within five to six hours of arrival.

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Increased investment

Shanghai remains one of China's top destinations for foreign investment. The city hosts nearly 80,000 foreign-invested enterprises, with cumulative actual foreign investment exceeding $380 billion. It is also home to 1,091 regional headquarters of multinational companies and 654 foreign-funded R&D centers.

Shanghai's openness extends beyond just large global corporations. More than 85 percent of foreign-invested enterprises are small and medium-sized businesses, most of them in the service sector.

Shanghai is also making it easier for companies to expand after they arrive. Earlier this year, the city introduced 20 new measures to support foreign reinvestment , covering project implementation, business operations, tax policies, and investment promotion services.

The financial sector is opening up alongside trade and investment. By the end of last year, Shanghai had 1,813 licensed financial institutions, including 564 foreign-funded ones.

Sources: Jiefang Daily, WeChat account of Jing'an district government, VCG