Shanghai Targets 5% Economic Growth... "Financial and Land Support for Foreign Investors"

The city of Shanghai, China, announced that it will provide support in finance and land use to attract foreign investors.

[Image source=Yonhap News]

According to the South China Morning Post (SCMP) on the 28th, Mayor Gong Jing of Shanghai stated at a press conference following the annual Shanghai People's Congress closing, "We will encourage more foreign companies to invest in green transition, digitalization, and technological innovation by offering greater policy guarantees in land use, energy supply, environmental assessment, and finance."

Mayor Gong emphasized the goal of achieving this year's economic growth target of 5%, saying, "Shanghai must make more than one significant leap to reach this high target." Last year, Shanghai set an economic growth target of 5.5%, but the actual growth rate was 5%. However, it attracted $24 billion in foreign capital, surpassing the previous record of $23.96 billion set in 2022.

In November last year, President Xi Jinping visited Shanghai for the first time since 2020 and urged efforts to revive the economy. He specifically called for breaking bureaucratic formalism and simplifying customs procedures to promote import and export activities in the free trade zone.

This content was produced with the assistance of AI translation services.