Shanghai remains a top choice for multinational corporations seeking to establish or expand their industrial and supply chain presence, said Gong Zheng, a National People's Congress deputy and Mayor of Shanghai, at a meeting during the national Two Sessions.

The city is also one of the most favored destinations for foreign investment, Gong said.

"A favorable business environment serves as Shanghai's shining business card," Gong noted. "Over the years, in line with the directives of General Secretary Xi Jinping, we have consistently prioritized the creation of a top-tier market-oriented, rule-of-law-based, and internationalized business environment."

The city has successively introduced seven editions of business environment optimization reform plans, implementing 1,101 reform measures that have significantly facilitated the vibrant development of business entities and contributed to the high-quality development of local economy.

The continuous strengthening of Shanghai's attractiveness to foreign investment is evident.

Last year, the city's actual use of foreign capital exceeded US$24 billion, a new high, exceeding US$20 billion for the fourth consecutive year.

The city also added 60 regional headquarters of multinational companies last year, bringing the total to 956.

The number of research and development centers established by multinational foreign-invested enterprises increased by 30, reaching 561.

Last year, a daily average of 1,904 new enterprises were established in Shanghai, an increase of 28.1 percent year-on-year.

The number of enterprises based in the city reached 2.892 million, with an increase in the number of enterprises per thousand people to 116.8, ranking first nationwide.

"The business environment requires ongoing improvement and we are committed to addressing concerns of various business entities by continually deepening our reform efforts," Gong said.

He said the city would continue to create a first-class business environment that is market-oriented, rule-by-law, and international.

It aimed to eliminate implicit thresholds and barriers hindering unified markets and fair competition, and, when implementing national laws and regulations, would leverage legislative authorizations to establish a more comprehensive business environment system.

Aligning with national strategic tasks, they would actively adhere to high-standard international economic and trade rules, promoting groundbreaking reforms and leading openness.

Using the World Bank's new assessment system as a reference, they would continuously benchmark reforms to enhance the comprehensive advantages in the business environment, better representing the country in international cooperation and competition.