Shanghai focuses on developing into a desirable location for foreign investors. [Photo/Sipa]

East China's Shanghai signed agreements on a total of 62 foreign-funded projects valued at $11.85 billion in January, indicating that Shanghai is still one of the most attractive investment destinations for multinational companies.

The projects involve industries like artificial intelligence, biomedicine, integrated circuit, digital economy, fashion, and consumption. Seven of them were invested by Global Fortune 500 companies, and 29 saw their respective investment amounts surpass $100 million.

In recent years, Shanghai has been focusing on developing itself into a desirable location for foreign investors.

Shanghai will expand opening-up, seize opportunities brought about by the development of the China (Shanghai) Pilot Free Trade Zone, and further enhance its demonstration zone for the integration of the Yangtze River Delta and the Hongqiao Business District as open hubs for the domestic and international markets, according to Hua Yuan, director of Shanghai Municipal Commission of Commerce.

Hua added that the city will also take advantage of comprehensive trials on the opening of the service sector in order to promote the opening-up of financial sectors such as banking, securities, insurance, and futures, as well as telecommunications, internet, medical treatment, transportation, culture, and education.

"Shanghai will ramp up efforts to attract more investment in the advanced manufacturing industry, including integrated circuits, biomedicine, artificial intelligence, strategic emerging industries, and the high value-added service sector," said Hua.

Preferential policies will be rolled out in an effort to encourage more transnational corporations to set up their Asia-Pacific headquarters, global headquarters, and global research and development (R&D) centers in Shanghai in an effort to strengthen its ability to mobilize global resources.

Statistics show that the total actual use of foreign capital in Shanghai reached a record $20.23 billion in 2020, up 6.2 percent year-on-year.

As of the end of 2020, Shanghai was home to 771 regional headquarters of multinational companies, and 481 foreign-funded R&D centers, reflecting its increasing economic appeal to foreign investors.

This year is the start of the 14th Five-Year Plan (2021-25) period, and Shanghai will continue to expand opening-up, optimize its business environment, and offer better services to enterprises. The city will also continue its efforts to foster a business environment based on market principles, governed by law, and up to international standards.