As China’s largest economic center, Shanghai has always been a window into the country’s economy. In the first half of this year, the city’s economy grew by 12.7% year on year, which was the same as the national economic growth. At the same time, the total output value of its strategic emerging industries increased by 19.6% year on year, and the growth rate of foreign investment exceeded 20%. The two “eye-catching” figures show Shanghai’s new momentum in economic development in the first year of the “14th Five-Year Plan” period.

Hard-core innovation: the “relay” of new drivers accelerates

Recently, the Future Experience Hall of Zhangjiang AI Robot Valley showcased an array of world-leading robots, such as the coffee-making robot, surgical robot and Rubik’s Cube solving robot, to name just a few, demonstrating the potential of “intelligent manufacturing” in the future to the audience.

Shanghai Fourier Intelligence Co., Ltd. engaged in development of rehabilitation robotics has just relocated its headquarters to Zhangjiang AI Robot Valley. It has launched a variety of rehabilitation robot products with functions of upper and lower limbs and wrist joints, and obtained overseas medical device registration certificates in the United States, the European Union, and etc.

In the first half of this year, the total output value of Shanghai’s strategic emerging industries including intelligent robots increased by 19.6% year on year, and the average growth rate in two years reached 12.3%. The new energy vehicles, new energy and high-end equipment industries achieved outstanding performance, with output values increasing by 2.5 times, 32.1% and 24.5% year on year respectively.

Behind the accelerated relay of new drivers are efforts persistent in deployments innovation and R&D investment. Currently, Shanghai is speeding up the construction of major national scientific and technological infrastructure projects such as the hard X-ray free-electron laser device and Phase II of Shanghai Synchrotron Radiation Facility. “Shanghai Plan,” which focuses on the three leading industries of integrated circuits, biomedicine and artificial intelligence, has launched 102 key tasks.

Strengthen soft power: the city continues to increase attractiveness

Covestro (Shanghai) Investment Co., Ltd., a multinational company, has come up with an “eye-opening” idea, that is, to “capture” carbon dioxide through chemical reactions to make new materials and use them on the playground track.

“Shanghai’s service as a waiter has deeply impressed us. Amid the epidemic last year, we upgraded the regional management headquarters in Shanghai to a multi-functional comprehensive regional headquarters integrating investment, management, research and development,” said Lei Huanli, President of Covestro China.

Covestro’s case is a manifestation of Shanghai’s efforts to enhance its soft power as the top priority since the beginning of this year. The continuous optimization of the business environment and improvement of the living environment have further increased Shanghai’s attractiveness. In the first half of this year, the city’s actual use of foreign capital exceeded US$ 12 billion, an increase of 21.1% year on year, hitting a record high.

To “empower” the headquarters economy is the choice of many foreign investors. In the first half of this year, 31 new regional headquarters of multinational companies settled in Shanghai. As of the end of June, a total of 802 regional headquarters of multinational companies had been established in Shanghai. Tang Huihao, Deputy Director of Shanghai Municipal Bureau of Statistics, said that the double-digit growth of foreign investment and foreign trade amid the epidemic demonstrated the vitality of Shanghai’s open economy.

Shanghai is not only one of the top investment destinations most favored by foreign investors, but also a magnet for private enterprises. Midea’s global innovation park in the West Hongqiao Business Area, which is situated in the eastern part of Qingpu, broke ground at the beginning of the year, and a construction team of nearly 300 workers are speeding up infrastructure construction. An increasing number of private enterprises have set up their international headquarters, R&D headquarters and second headquarters in Shanghai. 

Ride on the wind: continue to sprint in the second half of the year

Despite the adverse impact of the epidemic, preparations for the 4th China International Import Expo are in full swing. The contracted area of the business exhibition has hit the expected target of 360,000 square meters, with the number of exhibitors from the Fortune Global 500 enterprises and industry leaders being the same as that of last year. The country exhibition will adopt technical means such as virtual reality and 3D modeling for the first time. More than 50 countries have confirmed their participation.

We must not only see the long-term positive economic fundamentals, but also be prepared for the difficulties and challenges ahead. The CPC Shanghai Municipal Committee and Shanghai Municipal People’s Government proposed that in the second half of the year, Shanghai will focus on expanding investment through major projects, promoting consumption through major activities, increasing momentum through major platforms, helping enterprises achieve steady growth through major policies, and accelerate efforts to build a central node in the domestic circulation and a strategic link between domestic and international circulations.

Promoting high-level reform and opening up of Pudong New Area and building demonstration zones for socialist modernization are the top priorities for Shanghai. Recently, Shanghai held a citywide mobilization meeting to promote the construction of demonstration zones around the “two special zones, four areas, one center, one model and one guarantee”.

“Shanghai will make utmost efforts to emulate others, catch up with them, learn from them and surpass them, and act quickly after decisions are made. It will accelerate the transformation of reform dividends into growth drivers and development advantages, and ensure a good start in the 14th Five-Year Plan period,” said Hua Yuan, Director of Shanghai Municipal Development and Reform Commission.