Shanghai dreams of bucking external factors, being magnet for foreign investors

Shanghai officials have pledged to turn China’s financial hub into a magnet city for international investors seeking business opportunities in the world’s second-largest economy, with fresh vows to improve the local business environment.

“It is our mission to take the lead in creating a marketised, legalised and internationalised business environment.”

To further improve the business environment, Wu pointed to Shanghai’s latest action plan, published in February. It marked the eighth year such a plan has been released, and it outlined the government’s intentions to further improve in areas such as market access, financial services and market competition.

Shanghai set a gross domestic product growth target of around 5 per cent for 2025, unchanged from last year’s actual economic expansion.

The aspirational push comes at a time when the Chinese government has been scrambling to stabilise foreign investment against the backdrop of Washington’s stepped-up tariffs and tech curbs against China.