About the open-door policy

1. Foreign trade development is remarkable. 1950s and 1960s, the main countries of Shanghai's foreign trade are the former Soviet Union, Eastern Europe and Southeast Asia; in the 1970s and 1980s, Shanghai formed four traditional export markets, namely, Japan, the United States, the European **** body and Hong Kong. The number of countries and regions of export trade expanded from 124 in 1965 before the Cultural Revolution to 171 in 1990. Since 1987, the value of Shanghai's foreign export trade began to grow steadily, and in 1989 it reached 5.032 billion U.S. dollars. Shanghai's export trade was 60.45 million U.S. dollars in 1949, the founding of the country, in 1990 the export performance of 5.317 billion U.S. dollars, an average annual growth of 87 times. 1979 to 1989, 11 years, Shanghai's imports totaled **** 12.751 billion U.S. dollars, compared with the total value of imports of 1.477 billion U.S. dollars in the 29 years from June 1949 to 1978, an increase of 7.6 times.

The structure of foreign trade commodities has improved. From the early 1950s to the mid-1970s, nearly 40% of Shanghai's foreign trade export commodities were primary products such as agricultural and sideline products, with a peak of 70%, while the export of manufactured goods basically remained at about 60%, with light textile products rising from 27.7% to 51%, and the export of heavy chemical products at a lower level of less than 9%. In the 1980s, Shanghai's export commodity structure has greatly improved, the proportion of agricultural and sideline products and other primary products exports continue to decline, the proportion of exports of heavy industrial products increased significantly, and the export of light textile products to maintain a high level. 1980 agricultural, light and heavy commodities exports accounted for the proportion of the three categories in turn, 26.45%, 54.5%, 19.05%. 1989 agricultural and sideline products exports declined to 14.9%, light textile products for 64.7%, the proportion of exports. In 1989, the proportion of exports of agricultural and sideline products dropped to 14.9%, that of light and textile products to 64.7%, and that of heavy industry to 20.5%. 1990, the proportion of Shanghai's exports of agricultural and sideline products dropped to 12.45% from 31.18% in 1978, while the proportion of electromechanical and instrumental products rose to 23.85% from 12.26%.

2. Foreign economic cooperation has expanded. from 1983 to 1989, Shanghai introduced 1,336 items of foreign advanced technology and equipment***, with imports amounting to 1.769 billion U.S. dollars. The introduction of the project from the simple import of production materials, to the import of light industry, science and technology products, and then to the introduction of complete sets of mechanical and electrical instruments and equipment. Shanghai's technology introduction in the 1980s not only supported the national economic construction, but also played a good role in promoting the transformation of Shanghai's old industrial enterprises, improving the level of production technology and economic efficiency. 1979, Shanghai's paid technology exports began to take off. 1984 Shanghai International Technology Import and Export Corporation was set up. 1987 Shanghai issued the "Interim Measures for Shanghai's Technology Exports". 1988, technology exports amounted to 134 million yuan. In 1988, the value of technology exports amounted to 134 million yuan, which was 7.8 times of the cumulative value of the previous five years. [25]

Internationalization of transnational business has also begun to develop: one is to invite in to open trade fairs. 1982 held the "Shanghai's first export commodities fair", which became the country's first local fair, and since then it has been held once a year until 1990, which has expanded economic exchanges with the rest of the world. The second is to go out to do exhibitions. For example, Shanghai first went to Osaka, Japan, to hold a clothing fair in 1986, and since then, a week-long clothing fair has been held there in February every year. Third, non-trade overseas investment began to start, the main projects are the first clothing processing enterprises founded by Shanghai in Hong Kong in 1981 - Hong Kong Peromon Suit Co., Ltd. and the late 80's Shanghai Foreign Economic and Technical Cooperation Company in Thailand to establish the Golden Dragon Fastener Co. "Ltd. in Thailand and "China-Bangladesh Steel Products Co. The Chinese side mainly financed with technology, equipment and semi-finished products. Fourthly, international bidding has been gradually carried out from the loan projects of the World Bank and financial institutions of other countries.

3. The use of foreign capital achievements are beginning to show. since the 1980s, Shanghai began to change the purely rely on domestic funds for construction, used to ask for money upward to engage in the situation of the project, and gradually to the extensive use of foreign funds, multi-channel construction funds to raise the transformation of the aspect. The forms of absorbing foreign capital are also becoming more and more diversified.

Direct utilization of foreign capital developed rapidly. By 1991, Shanghai directly utilized a total of 1,277 foreign investment, the agreed investment amount of 3.332 billion U.S. dollars. Among them: 1,035 joint ventures, with an agreed investment of 1.777 billion U.S. dollars; 148 cooperative enterprises, with an agreed investment of 1.130 billion U.S. dollars; and 94 wholly-owned enterprises, with an agreed investment of 425 million U.S. dollars. The cumulative amount of actual utilized foreign capital was US$1.556 billion. [26] By the end of 1991, Shanghai's utilization of foreign capital projects with a total investment of more than 5 million U.S. dollars in 197 projects. Many of these projects are invested by the United States, Japan, Britain and other world-famous multinational corporations, and most of them belong to the production of technologically advanced, higher-grade projects, such as Volkswagen, Bell Telephone, Foxboro instrumentation, Mitsubishi Elevator, Yew Wah Pilkington Float Glass and so on. Shanghai's success rate in organizing "three-funded" enterprises and the number of the best "three-funded" enterprises are among the highest in China.

Indirect utilization of foreign investment has been developing steadily, and before 1992, the amount of indirect foreign investment in Shanghai had always been higher than that of direct investment. The backwardness of the city's infrastructure was a problem that plagued Shanghai's development in the 1980s. From the early 50's to the end of the 70's, the total investment in Shanghai's urban construction **** only more than 7 billion yuan. And from 1984 to June 1991, Shanghai raised a total of $530 million in foreign government loans from 15 countries, including Federal Germany and Japan, for 47 major municipal construction and industrial renovation projects. Because of the low interest rate and long repayment period of this type of loan, thus greatly alleviating the debt burden of the construction units. Shanghai has also made full use of loans from international financial organizations. from 1981 to 1995 **** used World Bank loans of US$1.27 billion, mainly for construction and technological renovation in industry, environmental protection, transportation and other sectors [27]. Large projects include Suzhou River combined sewage treatment, the Inner Ring Road, Huangpu River diversion project, Shanghai-Hangzhou Expressway (Shanghai section), and so on. Major projects in Shanghai utilizing Asian Development Bank loans include Nanpu Bridge and Yangpu Bridge project. The utilization of foreign capital not only supports urban construction and economic development, but also makes up for the lack of construction funds, so as to adapt to the open economy needs of the "hard environment" and "soft environment" continues to improve.