Shanghai's Service Sector Draws More Foreign Investment

Home>>Business

Last updated at: (Beijing Time) Thursday, May 09, 2002

Shanghai's Service Sector Draws More Foreign Investment

DISCUSSION

CHINESE

SEND TO FRIEND

The metropolis of Shanghai in east China posted 1,317 million U.S. dollars worth of foreign investment in its service sector from January to April this year, a record 75.8 percent rise over the same period last year.

An official in charge of trade and economic cooperation said here Wednesday that investment in the service industry, particularly the real estate, research and development, commerce and food and beverage sectors, accounted for 35.6 percent of totalinvestment from overseas during the period.

Analysts say that Shanghai, having long been a pioneer in China's reform and opening to the outside world, has once again caught world attention with the all-round opening of its service sector following the country's accession to the World Trade Organization.

Earlier this year, banking giant Hong Kong and Shanghai BankingCorporation (HSBC) set up a global service data processing center in Shanghai. HSBC was also among the first foreign banks to launchforeign currency services in China.

Even Sino-foreign joint venture hospitals and theaters are no longer novelties to Shanghai residents.

However, officials note that Shanghai's service sector still offers tremendous opportunities, as the sector contributed only 52percent to the municipality's gross domestic product last year, far below the minimum yardstick of 70 percent set for an international commercial city.

While the city would continue to grant market access to foreignlaw firms, consultancies and other intermediary services this year,it would draw more foreign investment into the science, culture, education, health, trade, commerce, tourism, sports, conference, exhibition and logistics sectors, said an official.

By the end of this year, Shanghai would set up one or two jointventure travel services and at least one more joint venture wholesaler, he added.

To further boost its service industry through Sino-foreign cooperation, Shanghai will host an exposition of worldwide serviceindustries in September this year to demonstrate professional services in the financial, legal, accounting, consulting, accrediting, trading and information sectors.

Questions?Comments? Click here

Shanghai to Allow Foreign Investment in Service Sector

Carl Marx Still Remembered by Chinese ( 58 Messages)

Protests Prompt Retailer to Pull T-shirts Mocking Chinese-Americans ( 280 Messages)

Jiang Calls for Joint Efforts Towards Growth of Sino-US Ties ( 147 Messages)

Know Who to Love, Who to Hate ( 290 Messages)

"Washington Times" at Anti-China Tricks Again ( 103 Messages)

China's Economy to Grow Above Six Percent ( 71 Messages)

China's First Magnetic Suspension Test Track Built ( 53 Messages)

Harvard Project in China Violates Farmers' Rights ( 3 Messages)

Spirit of May 4 Movement Still Inspires Chinese Youth ( 25 Messages)