Shanghai Mayor Gong Zheng said the policy initiative to support more foreign direct investments would buttress the city’s economic recovery efforts in 2024.
Shanghai, the mainland’s commercial and financial hub, has pledged to cut red tape and to accelerate infrastructure construction in a bid to lure new foreign-invested projects as it did with Tesla’s Gigafactory in the Lingang free-trade zone (FTZ).
Li Auto and Xpeng, two of mainland China’s top-three premium EV makers, reported growth in deliveries for a second consecutive month in March, bucking a downwards trend in the world’s largest automotive market.