Shanghai Draws Another 800 Million Dlrs of Overseas Investment

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Last updated at: (Beijing Time) Tuesday, March 19, 2002

Shanghai Draws Another 800 Million Dlrs of Overseas Investment

Shanghai signed another 15 foreign joint venture projects Monday, involving a total value of 800 million U.S. dollars.

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Shanghai signed another 15 foreign joint venture projects Monday, involving a total value of 800 million U.S. dollars.

The city offered tremendous opportunities to global investors following China's accession to the World Trade Organization, said Shanghai's Vice-Mayor Jiang Yiren during Monday's signing ceremony.

This year, the city will further open its service trade sector and draw more transnational corporations to set up regional headquarters and research and development centers here, he said.

While the city will continue to absorb foreign investment in manufacturing industries, infrastructure construction and real estate sectors, it will encourage more small and medium-sized enterprises to carry out joint-stock cooperation with their overseas partners, he said.

The 15 newly approved projects cover communications, automobiles, textiles, electronics, glasswork, water conservancy and real estate. The U.S.-based FCI Corporation and the China Huayuan Group took the lead with a total investment of 104 million U.S. dollars in establishing two joint venture companies in Shanghai.

Shanghai approved 417 foreign-funded projects in January and February alone, involving 1.55 billion U.S. dollars of overseas investment, a 10.58-percent rise over last year.

The city drew an unprecedented 7.373 billion U.S. dollars of overseas investment in 2001.

A trade official here attributed Shanghai's lasting attraction to investors to the good performance of most foreign-funded enterprises here. Statistics show these enterprises reported an annual increase of 19.5 percent in sales, 11.9 percent in exports and 7 percent in profits last year. Their number of employees also rose by 5.1 percent on a yearly basis.

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