This report first reviews the recent progress in Shanghai’s deepening of BRI trade and investment cooperation in 2023. It then utilizes the comprehensive index method to construct Shanghai’s trade and investment index for serving the BRI. The report systematically examines the relationship between Shanghai and 63 BRI countries since 2013，focusing on summarizing the new changes in 2023. The results indicate that in 2023，Shanghai’s trade and investment index dropped significantly. The trade connectivity index and investment cooperation index showed opposite trends. Specifically，in 2023，only the trade and investment index of the Commonwealth of Independent States（CIS）and Mongolia increased significantly. The trade connectivity index of CIS and Mongolia，West Asia and North Africa，and Central Asia increased，while the investment cooperation index of the six regions all decreased. Additionally，the report selects 8 provinces of China to conduct a comparative analysis of Shanghai’s effectiveness in serving the BRI. The comparison reveals that Shanghai ranks fourth in total import and export with the BRI countries. There is a noticeable gap between Shanghai’s export and import proportions and those of Beijing and Guangxi. In 2023，Shanghai and the eight other provinces experienced a significant decrease in the number of enterprises and projects invested to BRI countries，with Shanghai showing a larger decline. Looking ahead，Shanghai should promote two-way empowerment of new productive forces and high-quality BRI development speed up the “soft connection” of rules and “hard connection” of infrastructure with relevant countries，and actively encourage enterprises to “go global”.