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01:38
Shanghai remains a top destination for European business amid the pandemic, the European Union Chamber of Commerce said in its fourth Shanghai Position Paper released on Monday, adding it expected more support during this difficult time and further improvement of the business environment.
"Shanghai was the door of China for many European companies. Over 700 multinational companies decided to set up regional headquarters in Shanghai. The confidence is still to be in the Chinese market for the Chinese market," Carlo D'Andrea, vice president of the European Chamber in China and chairman of its Shanghai Chapter, told CGTN, noting more practical reform measures are expected in a bid to attract more investment.
European companies have a long history of making significant contributions to Shanghai's development, and they continue to play a key role in the city's globalization.
The annual report, which is based on surveys of over 600 European companies to evaluate local business and regulatory environments, said more improvements should be made to increase the city's competitiveness to fulfill its plans of becoming an international center for finance, trade, economy, logistics and innovation.
Talent attraction, tax burdens, market entry barriers and legislative unpredictability are still the top concerns for the foreign enterprises, according to the paper.
While the newly released local implementation regulations for the Foreign Investment Law represent an opportunity to meet some of these challenges, there are still some vague and unclear terms for leveling the playing field for foreign enterprises.
"It is important to see a continuing development of the legal framework in order to lower the market access barrier," said D'Andrea.
"Indeed it is important in this uncertainty due to the COVID-19 to have a better transparency in the rules and regulations. Especially on the predictability of these rules and regulations, it cannot change from one day to another one."
With 38 detailed recommendations on how the local government can address the challenges of the local business environment and unlock further development potential, the Shanghai Position Paper said Shanghai can learn from other cities' pioneering reforms, like Shenzhen.
The chamber urged Shanghai to take a deeper look at problems faced by the small and medium-sized European companies that were affected the most by the pandemic, including how to facilitate their financing.
"The competition is real fair. And you cannot stand still. You have to move forward, especially taking care of the ecosystem of small and medium enterprises. Because the small and medium enterprise of today can be the multinational company of tomorrow, " said D'Andrea.
