Opportunities

Shanghai reported "better than expected" results in promoting commercial development in the first three quarters despite the pandemic, according to Zhu Yi, deputy director of the Shanghai Commission of Commerce.

Overall retail sales in the city hit 1.33 trillion yuan from January to September, a year-on-year increase of 19.6 percent. The growth rate was higher than the national average of 16.4 percent.

Ports in Shanghai handled imports and exports valued at 7.28 trillion yuan, an increase of 14.5 percent year-on-year. Cargo import and export value increased 17.8 percent year-on-year, reaching 2.9 trillion yuan. Paid-in foreign investment rose 15 percent year-on-year in the first three quarters to $17.85 billion.

The number of newly established foreign companies was 5,136, representing a 27.1 percent year-on-year increase. The total value of contracted foreign investment was $44.51 billion. By the end of September, Shanghai was home to the headquarters of 818 multinational companies. It is also home to 501 research and development centers from around the world.

The city unveiled the construction plan of five new towns to support its urban development and optimize its industrial layout in the 14th Five-Year Plan (2021-25).

Focusing on the central area of Shanghai, its five suburbs are Jiading, Qingpu, Songjiang, Fengxian, and Nanhui districts in Pudong New Area. Each is planned to have a unique industrial layout. As an example, Jiading will focus on new energy vehicle development while Songjiang will boost high-end manufacturing industry growth.

Development of Pudong New Area, in fields including finance and biopharmaceuticals, will continue to be highlighted during the next five years. Party secretary Li pointed out that more attention should be devoted to conducting basic scientific research and seeking breakthroughs in core technologies, while attending a parallel session of the fourth Hongqiao International Economic Forum－a part of the fourth CIIE.

Efforts will also be made to boost development of the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone and the Shanghai Hongqiao International Central Business District.

Shanghai will take the enhancement of "soft power" as a key task for its 14th Five-Year Plan. Li said in June that urban soft power is mainly about intangible strengthening, guided and formed by values, culture and systems.