Expert: Shanghai an ideal place for overseas entrepreneurs

chinadaily.com.cnUpdated:2017-07-31

Shanghai is attracting more and more overseas entrepreneurs thanks to the city's unique geographic advantages, rich human resources and favorable environment, Wang Yi, a researcher with the Shanghai Academy of Social Sciences, said in an interview with Jiefang Daily.

As a cosmopolitan city located in the prosperous Yangtze River Delta region, Shanghai boasts a highly developed business and industrial environment and a high-caliber talent pool, making it an ideal business destination, according to Wang. 

Wang stressed that to help overseas entrepreneurs gain a foothold in the city, the government should introduce more preferential policies on financing, technology, consulting and intellectual property.

Foreign residents in Shanghai learn how to make sweet dumplings, a traditional delicacy served during the Chinese Lantern Festival. [Photo provided to China Daily]

Despite the fact that foreigners represent only 0.7 percent of Shanghai's population in 2015, which lags far behind other major international metropolises, Wang said their number is on the rise. In 2015, the number of foreigners in Shanghai has increased 7,000 compared with 2014.

Wang also observed that there has also been a change in the type of people choosing to move to Shanghai from abroad in recent years. In the past, most foreigners in Shanghai were expatriates from foreign-funded enterprises and multinational companies. In recent years, more and more overseas students in Shanghai have chosen to start their own businesses in the city.

Wang also pointed out that overseas entrepreneurs in sectors such as culture, professional services, management and consulting tend to register their businesses in the downtown area, while those involved in bio-medicine, robotics and big data favor the city's free trade zone and the Zhangjiang Hi-tech Park in Pudong. Wang explained that the preferential policies offered in different areas play a major role in influencing where overseas start-ups choose to set up.

A tourist poses for a photo on the Bund in Shanghai. [Photo/VCG]

Wang noted that to ensure the success of their businesses, overseas entrepreneurs should study closely the local business, policy and social environment in their local area. It's also important to cater to market demands and tap into more resources.

With more foreigners looking to start their own businesses in Shanghai, the city is displaying new vibrancy and appears to be on the fast track to becoming a global innovation and technology hub.