Overseas Investment in Shanghai Manufacturing Grows Rapidly in first two months

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Last updated at: (Beijing Time) Saturday, March 15, 2003

Overseas Investment in Shanghai Manufacturing Grows Rapidly in first two months

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The manufacturing sector in Shanghai, the economic center in east China, absorbed 1.585 billion US dollars in contracted overseas capital in the first twomonths of this year, a year-on-year growth of 75 percent.

The total included 1.178 billion US dollars for 50 large projects each with an investment of more than 10 million US dollars.

The sustained growth of foreign investment in the city's manufacturing industry was closely related to the global transfer of manufacturing, according to Yu Huimin, a senior researcher withthe Foreign Capital Working Commission of Shanghai.

One example is the petrochemical sector, in which six chemical projects, each with an investment of more than 100 million US dollars, were established in Shanghai during January and February.

Of the six, the polyurethane project funded by the German-based BASF involved a total investment of 607 million US dollars, including 121 million dollars in foreign capital.

The rising car craze in China has also contributed to the growth in foreign capital inflow, Yu said.

At the beginning of this year, Shanghai Volkswagen, a Sino-German joint-venture auto maker in the city, increased its investment by 297 million US dollars, including 82 million US dollars in foreign capital and bringing the company's total investment from 7.5 billion yuan (903.6 million US dollars) to 10 billion yuan (1.2 billion US dollars).

In the January-February period, Shanghai attracted 2.384 billion US dollars in contracted foreign capital, including 831 million dollars actually paid out, up 53.8 percent and 31.7 percent respectively over the same period of last year.

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