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Last updated at: (Beijing Time) Sunday, November 10, 2002

Big Deals Signed for Shanghai Automobile City

Investors from home and abroad and authorities from the Shanghai International Automobile City signed deals worth 4.5 billion yuan (US$548 million) on trade and production of car parts at a recent local fair inviting investment, local officials said.


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Investors from home and abroad and authorities from the Shanghai International Automobile City signed deals worth 4.5 billion yuan (US$548 million) on trade and production of car parts at a recent local fair inviting investment, local officials said.

Shanghai began building the automobile city in a suburb in September 2001 in a move to encourage research, production and trading of cars and car parts.

Earlier, the local government signed deals with car part manufacturers worth 5 billion yuan (US$609 million).

Jiang Yiren, vice-mayor of Shanghai and in charge of the construction of the automobile city, said Shanghai plans to attract a total of 50 billion yuan (US$6.09 billion) of investment in the coming five years for the automobile city.

A 2.4 sq. km area is being developed for the project.


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