The new document also proposed several measures that could spark innovation in foreign trade development.
The municipal government of Shanghai has launched a 20-item policy on supporting private investment, which is expected to eliminate invisible barriers, create a fair market environment and allow private investment to play an important role in promoting the high-quality development of the broad economy.
A package of measures aimed to attract more investments with a maximum incentive of 100 million yuan ($14.54 million) was announced by the Shanghai government on Thursday.
This year, the community has released an array of favorable policies focusing on people's livelihoods, corporate concerns and industrial development to facilitate newly registered enterprises and award those with outstanding economic contributions.
A slew of measures to promote international trade and attract foreign investment have been recently unveiled by the municipal government of Shanghai.
China will further its efforts to attract and utilize more foreign investment this year, as outlined in the Government Work Report submitted to the national legislature for deliberation on Sunday.