Shanghai Keen on Fostering Multinationals

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Last updated at: (Beijing Time) Sunday, November 25, 2001

Shanghai Keen on Fostering Multinationals

Shanghai has always paid attention to fostering and developing large conglomerates, and will continue to do so, said the east China metropolis' Vice Mayor Jiang Yiren Saturday.

Shanghai has always paid attention to fostering and developing large conglomerates, and will continue to do so, said the east China metropolis' Vice Mayor Jiang Yiren Saturday.

While addressing a seminar titled "The Cultivation and Development of Multinationals" held during the ongoing third Shanghai International Industry Exposition, Jiang said Shanghai has for years treated the fostering of multinationals as an important way to enhance Shanghai's comprehensive competitive capacity, and invests 80 billion yuan (about 9.64 billion U.S. dollars) in the industrial sector annually.

According to the vice mayor, three Shanghai-based conglomerates, including Shanghai Baoshan Iron and Steel Company Group, will be included in the world's top 500 companies during the 10th five- year-plan period (2001-2005). And during the same period at least 50 local company groups will also elbow their way into China's most powerful businesses. So far, Shanghai has 21 large industrial conglomerates, of which five have seen their annual sales earnings exceed 30 billion yuan (about 3.62 billion U.S. dollars) each. These conglomerates employ 38 percent of the city's manufacturing workforce, produce 57 percent of the city's total industrial output value and account for 77 percent of the city's total industrial profits, said Jiang.

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