Raising the bar

Chen Jining, Shanghai's Party secretary, said China has come up with higher requirements for the country's opening-up during the 15th Five-Year Plan period. Shanghai should give full play to its role as an international transportation hub and better use the various innovation results achieved in the Shanghai Free Trade Zone, so the city can lead China's advancement to a higher level of opening-up.

Shanghai should better connect the domestic and international markets, while using resources in both markets more efficiently, he said.

Shanghai saw over 5,700 new foreign companies registered in the city every year during the 14th Five-Year Plan period. As an important portal for China's opening-up, to plan for the next five years and even a longer period, Shanghai needs to collect the world's best wisdom and learn from the most advanced international experiences, said Chen.

In late November, the municipal government held a meeting of foreign officials, company executives and experts to solicit their suggestions on the city's development for the next five years.

Jan Van der Borght, an economic adviser to the Belgian embassy, said during the meeting that Shanghai has special strength in offshore and cross-border trade. Against this backdrop, Shanghai can set up special foreign exchange management channels in designated areas to serve qualified companies, and simplify cross-border settlements.

By aligning with international economic and trade rules — such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economic Partnership Agreement — a clear, safe and efficient cross-border data flow mechanism can be built in Shanghai.

A one-stop digital service platform could also be set up to make the approval of expats' work permits and stay permits more convenient, he suggested.

Mohd Shahafeez Shaharis, consul general of Malaysia in Shanghai, said the city's competitive innovation ecosystem and Malaysia's strategic positioning in the Association of Southeast Asian Nations are highly complementary.

Shanghai can further strengthen ties with Malaysia's second-tier cities such as Johor Bahru and Penang to drive economic growth from a broader perspective. Small and medium-sized enterprises in both places can be more deeply merged into respective supply chains, he said.

Opinions have been widely solicited to pave the way for Shanghai's development in the next few years.

According to the Shanghai Municipal Development & Reform Commission, the city's economic planner, a total of 34,000 suggestions have been collected from Shanghai Municipal People's Congress delegates, 1,900 representatives of residents, as well as 147 entrepreneurs and scientists.

Consolidating Shanghai's role as an international center for economy, finance, trade, shipping and innovation should be high on the agenda of the city's economic development, according to the suggestions.

Building a modern industrial system, further improving people's livelihoods, seeking high-level reform and opening-up, facilitating the integrated development of urban and rural areas, and strengthening urban management and security were among the other major focal points suggested by the representatives and experts.

Meanwhile, Shanghai's development planning regulation took effect in July. The legislation, the first of its kind in Shanghai, has provided the legal foundation for the city's plans over the next five years.

According to Wang from the Shanghai Society of Macroeconomics, all these efforts have been made because of the "extreme difficulty" or "unprecedented challenges" in making the 15th Five-Year Plan for Shanghai due to the highly complicated external environment and rapidly evolving economic conditions.

"Therefore, coordinated planning and forming a joint force are especially important for the next five years. The world is evolving more rapidly and Shanghai has always been an outward-looking city. Consolidating the real economy foundation, advancing the upgrading of traditional industries, and expanding emerging industries while deploying in the future-oriented industries will be of equal importance to Shanghai. Therefore, clearer planning for the city is crucial," he said.