City remains magnet for foreign investment

Xu Lan, deputy general manager of the transaction banking department at Bank of China in Shanghai, which has provided related services to Orient International, said such progress has been made possible by the free trade account's offshore economic and trade policies. The settlement and exchange services provided by the account have largely enhanced overall efficiency, Xu said.

Lingang Special Area, part of the Shanghai FTZ that was officially launched in August 2019, is another good example of Shanghai's advanced two-way opening-up.

Gu Jun, director of the Shanghai Municipal Development and Reform Commission, said that in recent years Lingang has formed a systematic opening-up mechanism featuring freedom of trade, investment, capital flow, transportation and employment, as well as the rapid connection of information.

Global new energy vehicle giant Tesla has benefited from the systematic advantages in Lingang. It held the groundbreaking ceremony for its Lingang gigafactory in early January 2019, and the first car was completed at this facility 11 months later.

Tesla's vice-president Tao Lin said, "Shanghai has provided Tesla with development opportunities in China."