Shanghai needs to learn from advanced foreign experiences, such as the US negative list “BIT2012” and the single-window service system, according to the Shanghai Academy of Social Sciences in its new report on the city’s economic development in 2017.

The report suggested that Shanghai should create a transparent business supervision system and accelerate financial service innovation to boost investment.

It said efforts should also be made to improve taxation and investment management systems. The report contains four main parts and 13 chapters.

The report summed up five characteristics of Shanghai’s macroeconomic performance: weak adjustment of manufacturing industry due to diminishing marginal effect of policies; stable development of service industry with production services in strong growth; slowing consumption due to weak income growth and inflated home prices; stabilizing investment as private investors become more active; and improving foreign trade though challenges remain.

The report estimates Shanghai’s economy will grow at a rate of 6.5 percent this year.The Shanghai Pilot Free Trade Zone will achieve more openness, business convenience, and government transparency in 2017, the report added.

Source: Shanghai FTZ Government.cn