Shanghai Mayor Ying Yong met Giovanni Caforio, chairman of Bristol-Myers Squibb, and his delegation on Tuesday.

Ying said opening-up and reforms are China’s basic state policy and openness is Shanghai’s characteristic and its biggest strength. Bristol-Myers Squibb was among the first foreign companies to set up Sino-American joint ventures in the city and they have participated in and witnessed its social and economic development.

The city has adopted a new set of master plans and it’s striving to build itself into an international economic, financial, trade, and shipping center as well as a technology and innovation center. Biomedicine industry is the city’s strategic emerging industry and a rather complete industry chain has been formed.

Shanghai welcomes Bristol-Myers Squibb and other foreign companies to increase their investment in the industry, to work with Zhangjiang Hi-tech Park and the global biomedicine industrial base platform and to deepen the cooperation with local companies.

The city will keep improving its law-abiding, international and convenient market environment for all companies, Ying added.

Caforio said it has been 36 years since Bristol-Myers Squibb set up its Sino-American joint venture in Shanghai. Bristol-Myers Squibb highly values the Chinese market and it’s glad to see Shanghai values and encourages innovation this much. The company will strengthen its cooperation with local companies and research institutes to better meet the demands and needs of the Chinese market.

Bristol-Myers Squibb is an American pharmaceutical company that has business in more than 120 countries and regions.

Shanghai Mayor Ying Yong meets Giovanni Caforio, chairman of Bristol-Myers Squibb.