Despite difficulties and uncertainty clouding China's businesses engaged in imports and exports over the past few months, Shanghai has managed to find its way out by focusing on imports of high-tech products.
During the first three quarters of 2015, Shanghai's overall imports dropped 6.5 percent year-on-year to $236.8 billion, according to the Shanghai Customs District. However, during the same period, imports of high technology products increased 1.2 percent year-on-year to reach 497.2 billion yuan ($75.6 billion).
Jiang Shoulei, deputy director of the Shanghai Integrated Circuit Industry Association, said Shanghai's IC industry should work with global industry leaders having the latest technologies to sustain the growth momentum.
The United States has been among Shanghai's preferred sources of high-tech product imports, valued at 56.37 billion yuan in the first 10 months of 2015, up 14.1 percent year-on-year.
The growing attention being paid to overseas high technologies is in line with the Shanghai's expressed desire to become a technology innovation center.
Shanghai Mayor Yang Xiong has stressed that it is important to keep up with the world's latest technology advancements and have a layout of strategic projects in advance. He has also sought to attract more overseas research centers to set up shop in Shanghai. "Technology advances with each passing day while trade can help exchange the mutually needed products. It is now crucial to promote technology innovation as well as trade globally," he said.
Scott Beaumont, president of Google's unit for China, said at a technology trade fair held earlier this month in Shanghai that the city should embrace both the world's top technologies and mid-level technologies if it is to grow into an international technology innovation center.
The changes sweeping Shanghai's trade mix symbolize the transformation of China, said Yu Guangzhou, head of the General Administration of Customs. He said Chinese companies have been importing a lot of advanced technologies, key equipment, important parts and accessories of late.
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