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Last updated at: (Beijing Time) Monday, November 26, 2001

Shanghai to Open Wider to Outside World

Shanghai, China's leading industrial and commercial city, has mapped out plans to attract more multinational corporations in the years to come.

Shanghai Mayor Xu Kuangdi described the plans as part of the city's effort to open wider to the outside world after China's entry into the World Trade Organization during the ongoing Shanghai International Industrial Fair.


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Shanghai mayor pledges wider opening

Shanghai, China's leading industrial and commercial city, has mapped out plans to attract more multinational corporations in the years to come.

Shanghai Mayor Xu Kuangdi described the plans as part of the city's effort to open wider to the outside world after China's entry into the World Trade Organization (WTO).

To attract more multinational corporations
"We're willing to work with more overseas investors to promote mutually beneficial economic cooperation," Xu made the statement while addressing a forum with the theme Adaptation and Involvement: WTO and Developing Economies during the ongoing Shanghai International Industrial Fair.

  • To high-tech and value-added industries


  • Overseas funds will mainly be directed to high-tech and value-added industries, Xu said, listing the Zhangjiang Integrated Circuit and Micro-electronic Industrial Base, the Shanghai Chemical Industrial Zone, the Shanghai International Automotive City, and the Baogang Refined Steel Base as the major investment projects.

  • To service industry and construction of infrastructure facilities


  • Shanghai will also open wider its service industry, including the insurance and securities sectors. And overseas investors will be allowed to take part in the construction of such infrastructure facilities as deep-water berths and railways, suburban towns, water sewage and environmental protection projects, according to the forum.

    Among those attending the forum were WTO Director- general- elect Supachai Panitchpakdi, and Long Yongtu, China's chief negotiator for WTO-related talks.



    Investment Environment of Shanghai
    Since the founding of New China, Shanghai has invested 246.1 billion yuan in urban infrastructure facilities, including investment of 240.1 billion yuan made in the past 20 years since the initiation of the policy of reform and opening to the outside world, with an average annual growth rate of 24.7 percent. A large number of important infrastructure projects have been set up, such as the Nanpu, Yanpu, Xupu and Fengpu bridges, the inner-ring elevated highway, the south-north overhead highway, the No.1 subway route, the multiple tracking of the tunnel in the East Yan'an Road, the first phase of the sewage treatment project, and the Shanghai Section of the Shanghai-Nanjing Express-way. Shanghai has taken on an entirely new look. In detail



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