Shanghai reduces regulations to attract foreign investment amid tariff wars
What's the story
China's financial center Shanghai has pledged to cut unnecessary regulations and improve corporate rights protection.
The move is part of a larger plan to draw foreign investment amid geopolitical tensions and economic headwinds.
The city has also kicked off a week-long investment promotion event as part of the effort.
Shanghai's mayor Gong Zheng highlighted the city's commitment to creating a first-class business environment that is market-oriented, legalized, and internationalized.
Investment promotion
Shanghai's efforts to attract foreign firms
The investment promotion event is part of Shanghai's efforts to lure foreign firms and capital.
The move comes after top executives of multinational companies met senior officials in Beijing earlier this week.
At the meeting, Premier Li Qiang pledged to further open up China's economy to international investors.
The move comes as part of China's broader push for foreign investment amid rising US tariffs and restrictions on technology trade.
Economic strategy
Shanghai's response to global economic challenges
Shanghai, a major export hub and favored destination for global firms' regional headquarters, has been hit hard by the West's sweeping de-risking strategy.
In his opening address at the investment promotion event, Zheng assured business representatives from China and abroad that they would not be disturbed unless necessary.
He also promised timely responses to their requests as part of Shanghai's commitment to creating a favorable business environment.