Shanghai Approves 230 Foreign-funded Projects in January

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Last updated at: (Beijing Time) Thursday, February 21, 2002

Shanghai Approves 230 Foreign-funded Projects in January

Projects involving exclusive foreign investment in this, China's leading industrial center madeup 78 percent of the total foreign-funded projects approved in January.

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Projects involving exclusive foreign investment in this, China's leading industrial center madeup 78 percent of the total foreign-funded projects approved in January.

This suggests that foreign investors have enhanced their confidence in development projects in China since it joined the World Trade Organization late last year.

Statistics show that the Shanghai Municipal Government approved230 foreign-funded projects in January, an increase of 45 percent compared with last year's same period. They involved a total contractual value of 775 million US dollars, up 10 percent. Nearly40 percent of the projects fell into the category of manufacturing.

Forecasting foreign investment usage for this year, a municipalofficial said the city is expected to attract a contractual value of six billion US dollars this year.

Breakthroughs will be made in the service sector, he said. For instance, more overseas law firms and information advisory agencies will be allowed to operate in Shanghai this year. The first batch of economic spheres to be opened to foreign investors includes science and education, foreign trade, commerce, sports and exhibitions. The official added that sino-foreign travel services and wholesale centers are likely to be set up in Shanghaisoon.

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