City remains magnet for foreign investment

Shanghai's role as an international financial center has thus been consolidated. Data from the Shanghai Municipal Development and Reform Commission show the total trading value in the city reached 2,933 trillion yuan last year, up from 528 trillion yuan in 2012.

Zhou Xiaoquan, head of the Shanghai Municipal Financial Regulatory Bureau, said: "By reaching the world's highest standards, we will make financial services more convenient and strengthen Shanghai's capability in allocating global resources. Only in this way can we create a more amiable financial environment and facilitate China's high-quality economic growth."

The progress made in the financial sector is just one example of the numerous efforts made by Shanghai to advance its two-way opening-up. The China International Import Expo, or CIIE, which has been held annually in the city since 2018, has served as an important platform for advancing China's all-around opening-up.

In addition to the $345.8 billion of intended deals reached at the past five expos, up to 2,000 new products, technologies and services have made their China or global debuts at CIIE.

Swiss industrial conglomerate ABB has attended all five expos, globally showcasing its latest breakthroughs such as the gas leak detection technology ABB HoverGuard. ABB's China chairman Gu Chunyuan said the expo helps the company better understand market demand and the latest industry trends.

"We receive a large number of government delegates and visitors from large corporations every year at CIIE, which has provided us with good opportunities to come up with innovative technologies to better address the demands of local clients," he said.