Shanghai mayor vows to attract even more foreign business after Tesla and Boston Scientific factories to buoy economy
- Mayor Gong Zheng said more landmark deals like Tesla’s Megapack plant and Boston Scientific’s biotech factory are in the works
- Shanghai is trying to burnish its image as an international investment magnet after a bruising Covid-19 lockdown in 2022
Admitting economic turbulence ahead, Shanghai Mayor Gong Zheng exuded confidence after the city beat its growth target for the year, amid stepped-up efforts to draw foreign investment.
“Global investors are constantly increasing investment, delivering votes of confidence to Shanghai,” he said at a media briefing on Sunday, after the close of the annual International Business Leaders’ Advisory Council meeting. “Shanghai remains one of the top choices for foreign investors to do investment and build their supply chains.”
Gong did not elaborate on the names of the new investors.
The mayor added that the mainland’s commercial and financial hub, often dubbed the “head of the dragon” in the Chinese economy, is well on its way to achieving its target of 5.5 per cent gross domestic product (GDP) growth set at the beginning of the year.