Shanghai’s Bold Move: Transforming into a Global Consumption Hub
Shanghai is aggressively positioning itself as a premier global destination for tourists and businesses, unveiling a series of initiatives designed to boost international spending. These changes, announced by Mayor Gong Zheng at the Shanghai Municipal People’s Congress, focus on streamlining the visitor experience and making the city more accessible for international transactions.
Easing the Path for International Shoppers
A key component of Shanghai’s strategy is simplifying the process for international visitors to enjoy tax refunds. The city is actively encouraging retailers, including prominent brands like DJI and department stores along Nanjing Road, to join the tax-refund network. This network saw a fourfold increase in transactions last year, indicating a growing demand. Piloting instant digital refunds directly to UnionPay, Visa and Mastercard accounts at airport kiosks aims to further reduce wait times for departing passengers.
The expansion of foreign credit card and mobile wallet acceptance, coupled with streamlined currency-conversion services in major shopping districts and exhibition centers, will remove friction points for international shoppers. This represents particularly important as Shanghai aims to attract a wider range of international consumers.
Visa Facilitation and Tourism Growth
Shanghai’s tourism sector is already experiencing significant growth. In 2025, the city recorded 9.36 million inbound visits, a nearly 40% year-on-year increase. This surge is directly linked to China’s extended 30-day visa waivers for citizens of 48 countries and the broadened 240-hour transit-without-visa (TWOV) scheme. Officials anticipate continued momentum, especially during the Spring Festival, with increased visitor numbers from Europe and Korea.
Pro Tip: Planning a trip to China? Services like VisaHQ can simplify the visa application process, offering guidance from document upload to courier return, and providing real-time status updates.
Impact on Business and Corporate Travelers
These changes aren’t solely focused on leisure tourists. The improved financial infrastructure promises smoother expense workflows for corporate travelers. This could make Shanghai a more attractive location for regional conferences and incentive travel programs. HR teams relocating staff to the Yangtze Delta region will benefit from easier cross-border payment options for essential expenses like housing deposits and school fees.
Shanghai’s AI Integration and Future Growth
Beyond tourism and finance, Shanghai is also accelerating the integration of Artificial Intelligence (AI) across key industries. This focus on innovation is expected to contribute to the city’s overall economic growth and enhance its competitiveness on the global stage. The city’s 5% growth goal for 2026 is considered realistic, supported by these shifting structural improvements.
Did you know? Shanghai is actively working towards establishing itself as a top-tier global city, emphasizing its commitment to internationalization and economic development.
FAQ
Q: What is the 240-hour transit-without-visa (TWOV) scheme?
A: It allows citizens of eligible countries to stay in China for up to 240 hours without a visa when transiting through designated cities, including Shanghai.
Q: What payment methods will be more widely accepted in Shanghai?
A: Foreign credit cards (UnionPay, Visa, Mastercard) and mobile wallets will see expanded acceptance.
Q: How will tax refunds be processed more efficiently?
A: Through instant digital refunds to eligible accounts at airport kiosks.
Q: What industries are benefiting from Shanghai’s AI integration?
A: Key industries across the city are integrating AI to drive innovation and growth.
Interested in learning more about Shanghai’s economic development? Explore resources from Yicai Global and China Daily.
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