A meeting on high-quality business development and high-level opening-up in Yangpu district took place at the Shanghai People's City Practice Exhibition Hall on Friday.

Certificates were awarded to representatives of key foreign-related projects in 2025, including "Siemens Turing Cooling AI BOX," "XTransfer's Capital Increase & Cross-border Payment Platform," and "Aspire Lifestyles Regional Headquarter," marking a significant step in Yangpu's international economic cooperation and outward-oriented economic development.

Liu Jinyuan, deputy governor of Yangpu district, stated that the district's commodity sales reached 416.71 billion yuan ($57.6 billion) last year, with a social consumer goods retail revenue of 65.97 billion yuan, up 3.2 percent, ranking among the top three in the city.

In addition, the district has about 1,300 foreign-funded enterprises, with 45 foreign-funded headquarters and R&D centers introduced and cultivated. In 2024, it realized $477 million foreign capital, with 117 newly-established foreign-funded projects, a year-on-year increase of 56 percent.

Building on these achievements, the district's business commission has introduced enterprise-friendly policies focusing on key areas such as trade, service industry upgrading, and stable foreign-funded and foreign-trade development to support enterprise development.

Zhou Ling, head of the district's commerce commission, outlined policies including rewards up to 2 million yuan for high-quality tourism, culture, and sports-related consumption activities, and up to 1 million yuan for the opening of brand flagship stores.

Zhou Haiying, governor of Yangpu district, emphasized that policy precision determines enterprise confidence. Yangpu is promoting the extension of foreign-funded headquarters to the high-end of the industrial chain through the "Strong Consensus, Strong Empowerment, and Strong Service" actions.

Looking ahead, Zhou highlighted future efforts directed towards stimulating new vitality in trade and consumption, stabilizing the foreign-funded and foreign-trade base, and enhancing business-oriented livelihoods.

In fact, the supporting policies have effectively supported the development of foreign-funded enterprises.

Deng Guobiao, founder and CEO of B2B cross-border trade payment platform XTransfer, highlighted the advantages of China's business environment, such as clear rules and strong government service awareness. His company, as a high-tech enterprise, has enjoyed various tax benefits and individual income tax rebates.

"Chinese export firms exhibit robust competitiveness, supported by strong supply chains and government services, resulting in substantial cost reductions. To overseas investors, this appears as comprehensive support being provided," Deng added.

Despite current economic influences such as real estate and the employment challenges posed by the AI era, Deng sees significant long-term potential in China's economic growth. "With the environment, the foundation, and the people in place, I believe that in the next cycle after cost reduction and efficiency improvement, the profitability of enterprises will explode."

Keynes Chen, CEO of Aspire Greater China, a global brand for concierge services and luxury lifestyle management, said that the business environment in Yangpu district has improved in recent years.

"The local government actively supporting foreign investment by assisting in reducing taxes, rents, and improving efficiency, thereby lowering business costs. Clear signs of economic recovery, along with the introduction of many favorable policies, have created opportunities for us," Chen said.

He emphasized that, for instance, the relaxation of restrictions on foreign companies applying for telecommunications value-added services and travel agency qualifications has made it much easier for the company to obtain these qualifications. The visa-free entry policy has also provided their business with many conveniences.

Chen expressed confidence in the Chinese market due to increased policy transparency and stable economic development, emphasizing the broad prospects for high-end services driven by China's economic growth and improved living standards.