A development report on Shanghai's services for the Belt and Road Initiative (BRI), released on April 2 in Beijing, highlighted Shanghai's significant contributions to the initiative over the past decade.

Shanghai, leveraging its unique geographical and policy advantages of its free trade zone (FTZ), has actively aligned with national strategies to foster trade and investment cooperation networks along the Belt and Road.

By reducing cross-border transaction costs and enhancing economic efficiency, the FTZ has attracted substantial foreign investment while facilitating smoother pathways for Chinese enterprises to expand globally.

The report underscores Shanghai's efforts to deepen financial openness and cooperation, positioning itself as a vital investment hub for BRI projects. Through reforms aimed at diversifying and internationalizing financial markets, Shanghai has introduced initiatives such as the Cross-border Interbank Payment System (CIPS) to streamline cross-border transactions and provide comprehensive financial services, including credit, investment, insurance, and consulting, to Belt and Road partner countries.

Furthermore, Shanghai has strengthened its status as a global city and international shipping center by enhancing infrastructure connectivity and logistics efficiency. The city has optimized its transportation networks, including maritime, rail, and air routes, to facilitate seamless trade and investment flows.

Notably, Shanghai's port infrastructure, integrated with the FTZ, has significantly boosted the volume and efficiency of container shipping, further cementing its role as a linchpin in the Belt and Road trade network.

Shanghai's proactive measures within its FTZ have not only propelled its own economic development but also played a crucial role in advancing the Belt and Road Initiative by promoting trade and investment liberalization, financial cooperation, and infrastructure connectivity.

As the initiative continues to evolve, Shanghai remains committed to driving mutual prosperity and sustainable development among participating nations.