Shanghai's Pudong Magnet for Foreign Investment

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Last updated at: (Beijing Time) Saturday, April 19, 2003

Shanghai's Pudong Magnet for Foreign Investment

The Pudong New District of east China's Shanghai City celebrated on Friday the 13th anniversary of its founding.

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The Pudong New District of east China's Shanghai City celebrated on Friday the 13th anniversary of its founding.

It also received special anniversary gifts: the signing of contracts establishing 11 foreign-funded projects with a combined investment of 1.6 billion US dollars and five domestically-funded projects involving a total investment of 3 billion yuan (about 351.45 million US dollars).

By March, the district had attracted 8,869 foreign-funded projects from 81 countries and regions, with the contractual investment totaling 20 billion dollars.

Among these projects, 328 are funded by 174 Fortune 500 companies.

Lured by bright business prospects in the area, 30 multinationals have moved their regional headquarters to the area,including Siemens and Alcatel.

Over the past 13 years, the district has attracted 7,271 Chinese-funded enterprises, involving a total registered capital of 37 billion yuan (about 4.46 billion dollars).

Touted as a symbol of China's reform and opening up drive and as the epitome of Shanghai's modernization, Pudong boasts an good sea-side location, excellent in frastructure, an abundant supply of talented people, well-developed industry, an efficient government and sound services.

Jiang Sixian, head of the district, said the development of Pudong still has vast potential. "Pudong covers 556 square km of land, of which only 110 square km has been urbanized," said Jiang.

According to Jiang, Pudong is striving to become a center for financial services, modern logistics, management, administration, conferences, exhibitions, international trade and a hi-tech industrial base for micro-electronics, software and biomedicine.

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