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Reform and Opening up

Issuing Date: 2014-08-06   Author:Editor of site   Source: SHANGHAI BASIC FACTS 2014   Views:

Pilot Free Trade Zone
Shanghai has established the china (Shanghai) Pilot Free Trade Zone. By the end of 2013, 3,633 enterprises had registered in the FTZ. The figure includes 3,405 domestic companies with a registered capital totaling 68.586 billion yuan, and 228 foreign invested enterprises with a total registered capital of US$980 million.
The free trade zone quickened steps in implementing of framework approved by the State Council by carrying out further and innovative measures in investment management, trade regulation, financial innovation and overall supervision. A set of news policies, such as the negative list, commercial issue registration and customs supervision, have been issued. Policy implementation has also been accelerated in further opening up financial and shipping service sectors.


Reforms in Key Sectors
Shanghai deepened its reforms in key sectors. In 2013, the city worked out a plan to modify government’s roles and functions and completed the reforms of some government agencies. The city government conducted the sixth batch of reform by canceling or adjusting 153 administrative approval items. The third round of a three-year plan in Pudong’s comprehensive reforms was also successfully completed, with a number of pilot reform initiatives in market supervision implemented. Shanghai also stipulated plans of deepening state-owned assets reforms and boosting business development, which marked the launch of a new round of reform of state-owned enterprises.


Opening Up
Shanghai took full advantage of its pilot policy effects and continued to implement the overall strategy of driving economic development by reform and opening up. The city saw itself gradually opening up to the outside world and made remarkable achievements.


In 2013, imports and exports via Shanghai customs added up to US$812.137 billion. Imports amounted to US$313.008 billion, and exports totaled US$499.129 billion.
Meanwhile, Shanghai’s own foreign trade totaled US$441.398 billion. Imports were US$237.154 billion. Exports amounted to US$204.244 billion, including US$136.775 billion from overseas-funded enterprises.


Structure of Exports
Shanghai’s exports in general trade hit US$81.725 billion, while the processing trade exports reached US$94.38 billion. Exports of high-tech products amounted to US$88.713 billion, and exports of electromechanical products totaled US$143.395 billion.
As for destinations, exports to the United States totaled US$50.65 billion, up 1% from the previous year; to Japan US$24.909 billion, down 0.2%, to European Union US$36.263 billion, down 7.4%.


Utilization of Foreign Investment
In 2013, Shanghai approved a total of 3,842 projects involving foreign direct investment. The contracted funds totaled US$24.936 billion, and the realized funds amounted to US$16.78 billion. In the year, foreign funds of US$13.567 billion were pumped into the tertiary industry, an annual increase of 7%. The figure accounted for 80.9% of the city`s total.
Gathering of company regional headquarters boosted Shanghai`s economy. By the end of 2013, enterprises from 157 countries and regions had invested in Shanghai. Meanwhile, 445 multinational corporations had set up their regional headquarters in Shanghai, and 283 investment corporations and 366 overseas-funded R&D centers had also been established in the city.


International Sister Cities
By the end of 2013, Shanghai had established sister-city relationship or friendship ties with 75 cities (provinces, states, regions, prefectures, counties or districts) of 53 countries. In 2013, Laos and Seychelles opened their consulates in Shanghai, bringing the total number of such diplomatic offices in the city to 73.


Overseas Press Organizations
By the end of 2013, 75 news organizations had set up correspondent offices in Shanghai, involving 114 locally based journalists. They were form 18 countries ---- Japan, the United States, France, the United Kingdom, Germany, the Netherlands, Spain, Russia, South Korea, Denmark, Sweden, Switzerland, Australia, Finland, Singapore, Turkey, Armenia and Hungary. Six foreign press organizations opened their offices in Shanghai in 2013.