(MENAFN)In spite of international economic fallout from the coronavirus pandemic, Shanghai has seen expansion in both foreign trade and the real use of foreign capital in 2020, with more local headquarters of multinational firm and foreign R&D centers recently set up in the city.

Speaking at the continuing fifth session of the 15th Shanghai Municipal People's Congress, Gong Zheng, mayor of Shanghai, noted that the city's foreign trade in 2020 increased 2.3 stated year on year, with imports and exports volume hit 3.5 trillion Yuan (about USD540 billion). The real use of foreign capital hit 20.23 billion Yuan, an annual upsurge of 6.2 percent.