Changning district leads Shanghai in foreign investment growth
As a prominent destination for foreign investment in Shanghai, Changning district witnessed a 5.9 percent year-on-year increase in actual foreign investment absorption from January to October 2024.
At the end of 2024, the district was home to 3,500 foreign-funded enterprises from 78 countries and regions, hosting 102 regional headquarters and foreign R&D centers of multinational giants such as Michelin, Bosch, and Unilever.
Changning district is working to create a business-friendly environment through precise services. It introduced a collaborative service mechanism involving the government, departments, and subdistricts.
With 160 service managers, Changning offers a tailored policy service package with universal, personalized, and responsive services.
In 2023, the district launched the 7.0 version of its business environment action plan, implementing 31 reform measures to provide full life-cycle services to enterprises. This approach led to significant increases in registered capital for foreign-funded enterprises such as Sumitomo Electric and Pokemon.
Changning is also working to strengthen interactions and communication between Chinese and foreign enterprises. For example, the Hongqiao subdistrict launched the Afternoon Tea initiative, organizing a series of small-scale and targeted promotional activities that focus on key industries in Changning. This initiative showcases regional resources, promotes the business environment, and highlights supporting policies in the area.
As of November 2024, these activities had attracted 42 projects with a total registered capital of 112 million yuan ($15.18 million).
Changning's talent strategy focuses on empowering innovative development, positioning itself as a hub for innovation and talent cultivation in Shanghai.
The Shanghai Hongqiao One-Stop Service Center for Overseas Talents has been established as well, offering 65 different government and lifestyle services.
The center collaborates with government departments, integrates resources, and optimizes processes to offer comprehensive and timely services to overseas talent.
It also serves expats by offering 30 life services related to housing, medical care, education, finance, insurance, legal consultation, translation, transportation, elderly care, and social activities, aiming to simplify administrative procedures for foreign nationals, enabling them to better integrate into Changning.
"The talent support measures in Changning have attracted outstanding talent from top universities both overseas and domestically, greatly enhancing our company's research and development capabilities," said Li Yongjing, vice-president of US fragrance manufacturer IFF.
Sources: Changning district government, Economic Daily, VCG