Shanghai commerce authorities said Wednesday the city will make a plan to attract foreign capital into the manufacturing sector.
Shang Yuying, director of the Shanghai Municipal Commission of Commerce, said manufacturing is key to reviving real economy and an important source of innovation. Shanghai will invest in manufacturing, especially those using advanced, intelligent or green technologies.
Shanghai will reduce limitations on market access for creative businesses, she said. Foreign manufacturers can also get financial, logistical and other help.
Shanghai has tried to attract more foreign talent. It has canceled the 60-year-old age limit to apply for work and residence permits for high-level foreign professionals.
During the 13th five-year period (2016-2020), manufacturing is expected to make up 25 percent of Shanghai's total GDP, according to the municipal economy and information commission.
More than 580 transnational companies, eighty percent of which are manufacturing businesses, have their regional headquarters in Shanghai, data show.