An aerial view of Lujiazui, Shanghai Photo: VCG
Shanghai is set to host a global investment promotion conference next week, bringing together hundreds of industry leaders to enhance the city's economic vitality and global investment potential.
This initiative aligns with China's intensified efforts to promote high-standard opening-up. By unveiling the latest comprehensive action plan to attract foreign investment and facilitating regular meetings between officials and business representatives, China is creating valuable opportunities for global businesses, an expert said.
The Shanghai Global Investment Promotion Conference, in its fifth session, will officially open on March 25. All the preparatory work has been basically completed, according to a press conference held by the municipal government on Thursday.
The 2025 Shanghai Global Investment Promotion Conference will bring together more than 500 companies from China and abroad, including several global Fortune 500 companies such as Bosch, BASF, Danaher, Bayer, Sanofi, Nike, SoftBank and Toshiba.
Key events include an opening ceremony, three new enterprise roundtables focused on private, foreign and state-owned firms, and numerous matchmaking activities, reflecting Shanghai's push to address investors' needs, officials told a press conference on Thursday.
During the first four sessions, more than 580 major industrial projects were signed and implemented, with a total investment of more than 1.1 trillion yuan ($150 billion).
These local efforts come as China is doubling down on opening-up efforts and boosting its appeal to foreign investment with the issuance of an action plan in February to stabilize foreign investment in 2025.
Per the plan, China will support pilot regions in effectively implementing opening-up policies related to such areas as value-added telecommunication, biotechnology and wholly foreign-owned hospitals, providing whole-journey services for foreign-invested projects in these sectors. The country will continue expanding its pilot programs to open up fields such as telecommunication and medical services in a timely manner, the Xinhua News Agency reported.
Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday that China's dedication to high-level opening-up remains steadfast.
"This commitment is evident in the continuous liberalization of market access. It is clear that China wholeheartedly welcomes foreign-funded enterprises to thrive in its market and is actively creating more favorable conditions for them," Bai said.
The Ministry of Commerce (MOFCOM) said at a press conference on Thursday that so far, 13 foreign-funded firms have been approved for value-added telecom services, more than 40 biotech projects involving foreign-funded firms have landed, and three new wholly foreign-owned hospitals were green-lighted. Many related investment projects are in progress. This year, the ministry will speed up pilot implementation, expand the scope and explore opening-up in education, culture and other sectors, He Yongqian, a spokesperson of the ministry, said.
Meanwhile Chinese commercial officials have been holding frequent meetings with foreign enterprises, sending out strong signals of China's unswerving commitment to expanding opening-up.
In the latest move, Vice Commerce Minister Wang Shouwen met Vale CEO Gustavo Pimenta on Wednesday, reaffirming China's unwavering commitment to opening-up and its strides in fostering a market-oriented, law-based and internationalized business environment. Pimenta praised China's practical steps to improve the business climate, expressed confidence in China's economic outlook and vowed to deepen Vale's footprint in the country.
By holding investment promotion events and meetings with leaders of foreign-funded enterprises, China offers ample space and opportunities for foreign investment, enabling them to fully utilize their advantages, Bai said.
Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Thursday that these combined efforts showed China has stayed committed to expanding high-standard opening-up and fostering a business environment that is open and inclusive.
"The strong potential of China's stable economic growth, innovation breakthroughs and industrial transformation and upgrading is a major reason why foreign investors are optimistic. The vast space of the Chinese market, economic stability and the continuously optimized business environment make China a safe and reliable choice for foreign investment," Cong said.
This year's Government Work Report said China will vigorously encourage foreign investment.
"We will ensure national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standard setting and government procurement. Foreign investors will receive better services and support, and the launch of landmark investment projects will be expedited. These efforts will help make China a favored destination for foreign investment," according to the Government Work Report.
From January to February, 7,574 new foreign-funded enterprises were registered, a 5.8 percent year-on-year jump. The actual utilization of foreign capital in the e-commerce service industry, biopharmaceutical manufacturing industry and intelligent consumer equipment manufacturing industry increased by 33.5 percent, 22.9 percent and 40.7 percent, according the MOFCOM data.
