SHANGHAI, Sept. 13 (Xinhua) -- As China continues to advance high-level opening-up, Shanghai, a preferred investment destination for foreign businesses and the country's financial hub, has offered opportunities for both domestic and international enterprises, injecting vitality into the global economy.

At the smart factory of French multinational Schneider Electric in Shanghai's Putuo District, robots move back and forth to transport materials. Mechanical arms on automated production lines manufacture, assemble and pack products such as circuit breakers and contactors. Meanwhile, an AI-powered visual system tests components to ensure quality. These products serve the globe in various fields, including data centers, power grids and mining.

"We have integrated advanced technologies, including big data, 5G and AI, into production and operations. This has optimized management and decision-making while improving efficiency," said Bobby Mao, general manager of Schneider Shanghai Industrial Control Co., Ltd.

Established nearly 30 years ago, the factory has undergone continuous upgrades. It has incorporated machine learning into its design phase to shorten the product development cycle. In production, the application of modular production lines enables quick changeovers based on order requirements. With the support of digital technologies, the factory has shortened order production and delivery time by 67 percent over the past five years, according to Mao.

"Shanghai has become a key base for R&D and business operations in our global layout," said Mao. "Innovations and technologies developed in China are being adopted across our operations worldwide."

Since the start of the 14th Five-Year Plan period (2021-2025), Shanghai's actual utilized foreign capital has totaled over 98 billion U.S. dollars, with an average of over 5,700 new foreign-invested enterprises established annually. In 2024, the city accounts for nearly 15.2 percent of the country's actual utilization of foreign investment, according to the Shanghai Municipal Commission of Commerce.

While Shanghai has steadily attracted international enterprises, domestic enterprises in the metropolis are also "going global" -- not only exporting products but also helping partner countries establish and consolidate industrial and supply chains.

Founded in 2005 and based in Shanghai, Huaqin Technology Co., Ltd. has evolved from a manufacturer of phone equipment to an original design manufacturer (ODM) that designs and produces intelligent products, including tablets, smart wearables and automotive electronics for global technology brands. The company is listed in Fortune China 500, with over 50 percent of revenue coming from overseas markets.

"In the early days, we just exported products, which helped us gain experience in international standards and user preferences," said Doris Li, vice president of Huaqin. "Since 2018, we have established sales and operation teams abroad and three manufacturing bases overseas."

"We must develop overseas manufacturing layouts and leverage local supply chains for growth," Li said. "Only when a clustered industrial chain is formed locally can we provide maximum support for production and operations while reducing costs."

Professional services are also essential to facilitating international business activities. Lujiazui, Shanghai's central business district, has attracted 40 percent of all foreign-funded banks in China, as well as leading global law firms, according to the Lujiazui administration bureau.

Standard Chartered Bank (China) Limited, the Chinese subsidiary of the British multinational headquartered in Shanghai, has participated in more than 720 projects related to the Belt and Road Initiative in the past five years. In 2024 alone, it supported more than 200 Chinese enterprises in their overseas expansion, covering sectors such as clean energy, electric vehicles, logistics and healthcare.

Wesley Yang, deputy CEO of Standard Chartered China, noted that when Chinese enterprises "go global," they may face foreign exchange fluctuation risks that could erode overseas profits. "To address such challenges, we have set up dedicated local teams to serve Chinese-funded enterprises in more than 20 countries," he said.

In the legal services sector, Baker McKenzie, a U.S.-headquartered law firm, and Fenxun Partners, a domestic law firm, established a joint operation in 2015. With lawyers from both sides, the joint operation provides comprehensive legal solutions covering areas such as mergers and acquisitions, capital markets, private equity, employment, tax and intellectual property.

"We will continue to promote China's open market and business environment to global investors and assist domestic companies in cross-border investment and compliance," said Cherrie Shi, partner at FenXun Partners. "We aim to serve as a legal bridge connecting China and the world, and strengthen confidence in two-way investment," she added.

Bertrand Regnier, a partner of global accounting and consulting firm Ernst & Young, said China delivers on its commitments, and this credibility is what keeps foreign enterprises investing in the country.

"China is a key market for our global clients. Their investment in China can benefit their global strategy because of the innovation," said Regnier.