Shanghai's opening-up is also expanding into advanced manufacturing, and shipping and telecommunications sectors.

Also on July 10, U.S. carmaker Tesla Inc. announced that it will set up its first overseas plant in Shanghai, with a planned annual capacity of 500,000 electric cars.

With the largest foreign-invested manufacturing project, Tesla became the first to benefit from a new policy that allows foreign carmakers to set up wholly-owned subsidiaries in China.

Other foreign carmakers are also revving up expansion to get a larger share of the world's largest auto market.

In the aviation sector, Chinese and Russian engineers are working on the development of the CR929 wide-body passenger aircraft, a 280-seat jet with a range of 12,000 kilometers, in Shanghai.

Shanghai is scheduled to host the first China International Import Expo (CIIE), which signals a new round of China's high-level opening-up, from Nov. 5 to 10. Over 130 countries and regions and more than 2,800 companies have confirmed participation in the CIIE.

The country's financial and business center is also improving its business environment, including better protection of intellectual property rights and more efficient government services.

The efforts have yielded results. In the first half of the year, Shanghai's contractual foreign investment hit 21.5 billion U.S. dollars, up 18 percent year on year. Meanwhile, further 17 multinational firms set up regional headquarters in Shanghai, raising the total number to 642.

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