Shanghai has stepped up efforts to build a world-class business environment, guided by an action plan unveiled in January, gaining approval from major enterprises and business advocacy groups.
Since 2018, the east China metropolis has introduced a new business reform plan each year. According to the Shanghai Development and Reform Commission, the latest plan consolidates more than 1,000 government tasks into 26 key initiatives, designed to make the business environment faster, fairer, and more predictable.
"Business environment is very much related to the competitiveness of enterprises in the market. So back to the action plan of business environment this year, I think it's a very sound framework for improving the business environment," said Huang Feng, chairman of the Shanghai Foreign Investment Association.
Focusing on improving how the entire system serves enterprises, the action plan is already strengthening confidence among global companies, with many signaling a deeper commitment to investing in the city.
"China has become our single largest market since 2021. Shanghai in particular, it just offers this powerful combination of a vibrant market, a more mature industrial base and a great talent pool," Andreas Pecher, president and CEO of the ZEISS Group, German optical systems giant.
According to the World Bank's latest B-Ready surveys, Shanghai has reached "global optimal" standards in 22 key business indicators, surpassing established global hubs such as Singapore, New York, London, and Hong Kong.
Across eight major dimensions of doing business, Shanghai outperforms the median of 103 economies in six areas, including taxation, access to finance, dispute resolution, public services, business premises, and international trade.
Shanghai steps up efforts to build world-class business environment
