More policies expected

International companies in Shanghai also expect more policies that make it easier to do business to be rolled out, as this year is a difficult time for them under the COVID-19 pandemic.

The European Union Chamber of Commerce said it expected more support during this difficult time and further improvement of the business environment, in its fourth Shanghai Position Paper released earlier this month.

Over 700 multinational companies have decided to set up regional headquarters in Shanghai, but more practical reform measures are expected in a bid to attract more investment, Carlo D'Andrea, vice president of the European Chamber in China, told CGTN.

The paper listed 38 detailed recommendations on how the local government can address the challenges of the local business environment and unlock further development potential. Talent attraction, tax burdens, market entry barriers and legislative unpredictability are still the top concerns for foreign enterprises.

The Shanghai government has paid close attention to international companies' needs and has solicited opinions and advice from foreign companies in the implementation of new policies to better understand their operation conditions and problems.

"I attended a roundtable organized by the Shanghai government. The government proactively seeks input from foreign companies like us to explain why they draft the policy, which is a very positive development," Gong said.

"The most important policy we look forward to is further opening-up of the capital market. The bank looks forward to securing more licenses and setting up more entities in China to capture the high growth of the capital market in China," said Cheng.