Shanghai unveiled reform measures to optimize the city's business environment at a working conference held by the municipal government on Feb 11.
The measures cover 25 main areas such as business startups, building permits, commercial affairs and international trade, aiming to further enhance business activities in more areas with better results.
"Shanghai's economic growth cannot simply rely on favorable policies and can by no means come from low-cost competition. In this sense, a better business environment will be the long-term impetus," said Li Qiang, Party chief of Shanghai, at the conference.
This year, Shanghai will promote the collecting and sharing of public data as well as easy access to governmental services for enterprises and citizens, according to local government authorities.
As the municipal regulators revised the financing policies for foreign-invested research centers in the second half of 2018, a total of 25 multinational companies set up their regional headquarters in the city, up 25 percent from a year earlier.
According to a World Bank report on the ease of doing business released in October last year, China advanced to a global ranking of 46 among 190 economies in 2018, up from 78 in the previous year. Shanghai's contribution was weighed at 55 percent while the rest came from Beijing.
Shanghai recorded an overall economic growth of 6.6 percent last year, with its GDP per capita exceeding $20,000. The city expects to attain a growth rate of 6 percent to 6.5 percent this year.
Li said at the conference that the improved business environment will help to stabilize the city's economic growth, adding that Shanghai should continue to test the reform plan comprehensively to narrow the gap between the leading economies.