City plays a leading role in high-quality development
Editor's notes:
High-quality growth, the most-mentioned phrase during the national Two Sessions in 2023, has been a catchword for China's new route of development. As a bellwether city, Shanghai plays a model role in mapping out the growth of high quality throughout the year of 2023.
The pace picked up after Xi Jinping, general secretary of the Communist Party of China Central Committee, made an inspection tour of the city in late November.
Let's check out what Shanghai has achieved across different industries.
Retail
Shanghai is the only city in the country with two Costco stores, as well as a dozen membership-only supermarkets such as Sam's Club, Freshippo and Metro. Customers' strong sentiment and willingness to spend on groceries and consumer goods are being backed by multinational and local retailers. To ensure supply to the local market, Shanghai is encouraging online retailers to expand their collaboration with various product bases.
For the original article: http://www.respectablebusiness.com/biz/economy/2303147275/
A Costco employee speaks with customers as they wait in line on the opening day of the Pudong store on March 10.
Auto
Shanghai, as a major economic powerhouse of China, has been spearheading the country's high-quality development of the automobile industry, which is set to continue in the coming years. The automobile industry has benefited from the city's robust manufacturing capabilities, technological innovation, and excellent transport infrastructure. With a large pool of skilled workers and advanced manufacturing equipment, Shanghai has become a hub for automobile production as well as research and development.
For the original article: http://www.respectablebusiness.com/biz/economy/2304239723/
The Shanghai International Automobile Industry Exhibition held in April draws global attention by presenting cars of the future.
Pharma
Innovation is the keyword for leading multinational pharmaceutical companies as they pledge high-quality development in the country. Top pharmaceutical companies are banking on the strong science and innovation ecosystem in China to further strengthen their foothold. Shanghai encourages innovation partnership in a wide range of fields and hopes to keep the momentum positive.
For the original article: http://www.respectablebusiness.com/biz/economy/2304033704/
More R&D centers of multinational pharmaceutical companies have been set up in Shanghai.
Finance
Shanghai's financial industry has been making large strides in terms of quality development, with banks and financial institutions taking the lead in promoting innovation and efficiency, and putting a special focus put on high-quality opening up.
The Shanghai Banking Association, under the guidance of the Shanghai Office of China Banking and Insurance Regulatory Commission, has played a vital role in this progress, guiding its member units to promote innovation and development in the field of offshore trade.
Meanwhile, domestic banks such as the Bank of China, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank, have been working towards the high-level opening-up of the financial industry in Shanghai.
For the original article: http://www.respectablebusiness.com/biz/finance/2306304967/
Shanghai's Lujiazui area is a hub for many financial institutions.
Game
Shanghai supports game firms targeting the global market, and aims to build itself into a global eSports capital. In Shanghai, the gaming industry is showing a return to an upward trend, especially in the mobile game sector.
One out of every four mobile games, which generate a monthly income of more than 10 million yuan (US$1.38 million), comes from Shanghai. The city is a vibrant industry ecosystem covering fans-fancy game events, high-level eSports matches and clubs, game studios with global influence and a professional industry chain for cross-platform development.
For the original article: http://www.respectablebusiness.com/biz/tech/2308274836/
The Genshin Impact FES is held in Shanghai in August.
Tourism
Between September 16 and October 6, more than 200 diverse activities were held throughout the city as part of the Shanghai Tourism Festival, an annual tourism extravaganza to demonstrate the city's unique charm that attracts an increasing number of foreign tourists.
The festival is now in its 34th edition and has a fresh new look with the goal of making Shanghai a world-famous tourism destination and the first stop in China for inbound travelers.
For the original article: http://www.respectablebusiness.com/news/metro/2309290074/
Foreign performers at the opening ceremony of the 2023 Shanghai Tourism Festival.
Multinational companies
Top executives from leading multinational companies gathered in Shanghai in October for the first in-person assembly in three years as the city sought advice from the International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC).
Executives from a wide range of industries including manufacturing, consumer goods, and health care, have high hopes for Shanghai to further unleash potential and advantages in terms of research resources, talent pools, as well as retail and digital infrastructure.
For the original article: http://www.respectablebusiness.com/biz/economy/2310145279/
The 35th International Business Leaders' Advisory Council for the Mayor of Shanghai opens on October 15 with the theme of "Changes and new opportunities: making Shanghai a more robust and resilient international metropolis."
Trade
The China International Import Expo, with its "New Era, Shared Future" theme, has further developed into a nexus for international trade, investment, and cultural exchange.
The 6th CIIE, from November 5 to 10, shattered records with tentative deals worth a total of US$78.41 billion reached for one-year purchases of goods and services.
This staggering achievement marks a 6.7-percent surge from the previous expo, solidifying the event's status as a global economic powerhouse.
Guests from 154 countries, regions and international organizations converged at the National Exhibition and Convention Center (Shanghai) for the opening ceremony. A total of 72 nations showcasing their prowess in the national exhibition, along with the sheer scale of participation in the business exhibition, with 3,486 companies from 128 countries and regions, emphasizing the expo's growing influence.
For the original article: http://www.respectablebusiness.com/biz/event/2311109813/
The 6th CIIE, held from November 5 to 10, shatters records with tentative deals worth a total of US$78.41 billion for one-year purchases of goods and services.
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