As the 7th China International Import Expo caught the spotlight in Shanghai, the city hosted the Shanghai City Investment Promotion Conference on Wednesday, showcasing its open policies and development opportunities to attract more businesses and talent.

"The 7th CIIE has made a call for upholding an open consensus and expressed firm confidence in promoting high-quality economic development in China," said Chen Jining, Party secretary of Shanghai. "Shanghai will intensify efforts to deepen reform and opening-up to unleash new vitality for high-quality growth."

Shanghai's economy has maintained strong resilience and vitality, holding significance for long-term strategic investments by, and the development of, multinational companies, Chen said.

He highlighted China's long-term growth advantages, robust industrial and supply chains, cost-effective innovation capabilities and policy stability — coupled with Shanghai's deepening economic transformation.

Shanghai Mayor Gong Zheng described the city as an innovative, open and aspiring metropolis ideal for global investment, innovation and entrepreneurship, thanks to its location advantages, industrial mix, resources, government services and ecological environment.

Through further market opening and competitive policies focused on key areas and projects, Shanghai aims to facilitate investment, he added.

At the event, Shanghai signed 23 foreign investment projects spanning biomedicine, high-end equipment, advanced materials, fashion and green low-carbon development.

Executives from multinational companies participating in the event praised Shanghai's business environment and the value of CIIE as a platform.

Deng Jian, vice-president of commercial operations at medical devices giant Medtronic, said Shanghai is crucial for the company, as its headquarters here has been driving development across the country since it entered China 35 years ago.

Medtronic remains upbeat about the Chinese healthcare market and innovation sources, and has increased investments, including in a new cardiovascular devices production line in the Lin-gang special area in Pudong.

Guan Huili, president of Cargill China, said the agriculture and food giant has, by participating in the CIIE for seven straight years, helped build local ties and insights to tailor more products for China.

From just over 10 products initially to over 120 innovations this year, including global premieres, the company has localized some CIIE launches, meeting demand for quality, health and sustainability.

With the firm's China headquarters in Shanghai, Guan said the city's open, inclusive and innovative identity aligns with Cargill's philosophy, representing an important market and platform for better customer service and more innovation.

The 2024 Shanghai City Investment Promotion Conference was held jointly by the Ministry of Commerce and Shanghai Municipal People's Government.