In 2021, China's financial hub Shanghai registered record foreign direct investment (FDI) of 22.55 billion U.S. dollars, up 11.5 percent year on year, local authorities said at a press conference on Wednesday.

Aiming to further propel opening-up, improve its business environment and provide more investment autonomy for foreign enterprises, the Chinese metropolis issued procedures to streamline the approval and filing of projects with foreign investment at the press conference.

According to local authorities, the procedures that apply to foreign investors, and newly established or acquired projects by foreign-invested enterprises involving fixed asset investment in the city will come into effect on March 1.

In addition to these procedures, more measures such as tax exemption policies will be taken to facilitate foreign investment and attract more foreign investors, said Peng Yihao, deputy director of the Shanghai Municipal Development and Reform Commission.