Shanghai Mayor Pledges Wider Opening

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Last updated at: (Beijing Time) Sunday, November 25, 2001

Shanghai Mayor Pledges Wider Opening

Shanghai Mayor Xu Kuangdi pledged Saturday that the metropolis would continue to open wider to the outside world and work harder in this regard in the years to come.

Shanghai Mayor Xu Kuangdi pledged Saturday that the metropolis would continue to open wider to the outside world and work harder in this regard in the years to come.

Xu made the pledge when delivering a speech at a forum on the World Trade Organization (WTO) held during the ongoing 3rd Shanghai International Industry Exposition.

"China's entry to the WTO has created a favorable environment for Shanghai to expand its reform and opening-up drive, and participate in economic globalization," said the mayor.

The proposal on China's accession to the WTO was passed on November 10 during the Doha meeting in Qatar, but China is to be formally inducted as a WTO member on December 11 this year.

According to Xu, Shanghai will concentrate its efforts in improving policies regarding overseas investment in accordance with China's commitments upon joining the WTO and further clarifying its overseas investment orientation.

In the meantime, efforts should also be focused on closely linking the opening-up and optimizing and upgrading of the industrial structure, expanding the opening of the service trades, with financial business as the key, in accordance with commitments made by the Chinese government, and accelerating reform in the investment and fund-raising systems and attracting more overseas investment to boost the construction of urban infrastructure and other projects, said Mayor Xu.