Shanghai, backed by reforms and opening-up, optimistic of business development

Shanghai has opportunities in optimizing its business environment, expanding and developing markets, promoting the opening-up, and enhancing international cooperation, the city's commerce body said on Tuesday while setting goals for 2019.

The meeting was chaired by Shanghai Vice Mayor Xu Kunlin.

A total of 98 reform tasks for the Shanghai Pilot  Free Trade Zone had been completed, while the research and development spending was nearly 4 percent of the city's GDP, according to the Shanghai Commerce Commission.

Shanghai had also abolished 100 administrative regulations that were necessary for getting approval.

The commission said Shanghai will strengthen communication between the government and enterprises to support their development in the city. 

"We have established a high-level round-table mechanism for cooperation between the government and enterprises that will be chaired by municipal leaders," said Shang Yuying, who is the head of the commission as well as the deputy secretary general of Shanghai Municipal Government.

"We plan to organize more than 10 such meetings this year, especially with foreign-funded enterprises, to understand the difficulties they face here and introduce new policies," Shang said.

Shanghai will take further steps to protect the rights and interests of foreign companies, and establish a broader consultation mechanism to solve the problems faced by them.

The Shanghai Commerce Commission will, in accordance with the needs of enterprises, revise certain policies to support their development.

Shanghai had organized a series of events and introduced new measures to mark the 40th anniversary of China's reform and opening-up last year.

"Shanghai's development over the past few years is largely due to the reforms and opening-up," vice mayor Xu said, adding, the city will open up further and boost development.

"In recent years, the rapid implementation of major projects such as the Starbucks Reserve Roastery and the Tesla Gigafactory 3 showed the 'Shanghai speed' to the world, which also means opportunities for further development," said Shang.

Shanghai will open up further to the world, actively participate in and promote economic globalization and promote the facilitation and liberalization of investment and trade, Shang said.

She said that in 2019, Shanghai will continue to go all out to promote the reforms and opening-up, and hasten the pace of urban development.

The city will add a new area in the pilot free trade zone, set up a science and technology innovation board, launch a pilot registration system on the Shanghai Stock Exchange, fully implement the national strategy for the integrated development of the Yangtze River Delta, and make efforts to ensure the success of the second China International Import Expo.