Shanghai's New Action Plan 8.0 Aims to Boost Economic Vitality and Business Environment
On February 5, 2025, the Shanghai municipal government unveiled its eighth iteration of the business environment improvement action plan, known as Action Plan 8.0. This plan is strategically designed to respond to market needs and invigorate Shanghai's economy. At the annual business environment improvement work conference, city officials and market experts highlighted the significance of this initiative. Lu Aiguo, head of the Business Environment Construction Division at the Shanghai Municipal Development and Reform Commission, noted that the new plan presents 58 actionable and tangible measures aimed at boosting enterprises' sense of benefit.
A primary focus of Action Plan 8.0 is the in-depth reform aligned with global standards, specifically the World Bank's Business Ready evaluation system. Ten reform measures in areas like market access, operational facilities, infrastructure, utilities, and competition within international trade have been put forth. These initiatives are aimed at creating a more accessible and competitive business landscape.
In terms of international trade, the plan proposes expanding the benefits for high-tech goods that are controlled and inspected. Additionally, there are plans to streamline the import pilot programs for research and testing items to enhance efficiency. To facilitate trade further, customs processes will be refined by implementing measures such as multi-modal transport and the use of electronic certificates.
To comprehensively support businesses, an additional 24 measures have been introduced for optimizing services. Emphasis will be placed on developing innovative financing solutions to provide continuous support for small and medium-sized enterprises. Furthermore, efforts will be made to promote domestic companies on international fronts while also fostering openness in the local market. Notably, professional service providers will be encouraged to establish branches in regions involved in China's Belt and Road Initiative.
The action plan also addresses the need for more convenient visa and entry services for foreign professionals, which will facilitate smoother operations for foreign-invested enterprises. Moreover, the plan aims to fast-track the establishment of major foreign-funded projects in Shanghai.
An example of the plan's impact can be seen in a recent agreement between the Japanese automaker Toyota and the Shanghai government. Toyota has committed to launching a wholly-owned company in the Jinshan district, focusing on the development and production of Lexus electric vehicles and their batteries. The decision to establish this venture is attributed to the robust industrial chains, logistics systems, talent availability, and market potential that Shanghai and its neighboring areas offer.
As part of its commitment to enhance support for companies, the Shanghai government plans to introduce a negative list to govern cross-border data flows within the China (Shanghai) Pilot Free Trade Zone, thereby simplifying regulatory compliance.
Moreover, Action Plan 8.0 encompasses 14 measures aimed at optimizing the supervisory framework for businesses, ensuring that regulations are not only effective but also facilitate growth.
For further information regarding this initiative, please visit the Shanghai Municipal Government’s website at: https://english.shanghai.gov.cn/en-BusinessEnvironment/index.html.
A primary focus of Action Plan 8.0 is the in-depth reform aligned with global standards, specifically the World Bank's Business Ready evaluation system. Ten reform measures in areas like market access, operational facilities, infrastructure, utilities, and competition within international trade have been put forth. These initiatives are aimed at creating a more accessible and competitive business landscape.
In terms of international trade, the plan proposes expanding the benefits for high-tech goods that are controlled and inspected. Additionally, there are plans to streamline the import pilot programs for research and testing items to enhance efficiency. To facilitate trade further, customs processes will be refined by implementing measures such as multi-modal transport and the use of electronic certificates.
To comprehensively support businesses, an additional 24 measures have been introduced for optimizing services. Emphasis will be placed on developing innovative financing solutions to provide continuous support for small and medium-sized enterprises. Furthermore, efforts will be made to promote domestic companies on international fronts while also fostering openness in the local market. Notably, professional service providers will be encouraged to establish branches in regions involved in China's Belt and Road Initiative.
The action plan also addresses the need for more convenient visa and entry services for foreign professionals, which will facilitate smoother operations for foreign-invested enterprises. Moreover, the plan aims to fast-track the establishment of major foreign-funded projects in Shanghai.
An example of the plan's impact can be seen in a recent agreement between the Japanese automaker Toyota and the Shanghai government. Toyota has committed to launching a wholly-owned company in the Jinshan district, focusing on the development and production of Lexus electric vehicles and their batteries. The decision to establish this venture is attributed to the robust industrial chains, logistics systems, talent availability, and market potential that Shanghai and its neighboring areas offer.
As part of its commitment to enhance support for companies, the Shanghai government plans to introduce a negative list to govern cross-border data flows within the China (Shanghai) Pilot Free Trade Zone, thereby simplifying regulatory compliance.
Moreover, Action Plan 8.0 encompasses 14 measures aimed at optimizing the supervisory framework for businesses, ensuring that regulations are not only effective but also facilitate growth.
For further information regarding this initiative, please visit the Shanghai Municipal Government’s website at: https://english.shanghai.gov.cn/en-BusinessEnvironment/index.html.
Topics General Business）
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