Shanghai Reports Increased Influx of Foreign Funds

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Last updated at: (Beijing Time) Saturday, August 02, 2003

Shanghai Reports Increased Influx of Foreign Funds

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Shanghai, a leading industrial and commercial city of China, approved 1,930 foreign-funded enterprises in the first half of this year, with the combined investment totaling 3.93 billion US dollars, the latest statisticshave shown.

According to the city's industrial and commercial bureau, the registered average capital for each of these foreign-financed enterprises topped 2.04 million US dollars, up 44.14 percent over the same period of last year.

The increasing inflow of foreign funds dispelled worries of local people that the past outbreak of severe acute respiratory syndrome (SARS) might cool the enthusiasm of foreign businessmen to invest in Shanghai, said a source with the city industrial and commercial bureau.

The city approved 141 foreign-funded enterprises in June alone.The figure accounted for 51 percent of the total enterprises established in Shanghai in the same month.

A dime store with an investment of 16.37 million US dollars wasintroduced into Shanghai in June by a subsidiary of the French retailer Carrefour.

Currently, Shanghai has 777 foreign-funded enterprises each with an investment of or exceeding 30 million US dollars. The major foreign-financed enterprises are in the fields of manufacturing, real estate and social service.

China's Hong Kong, Japan and the United States are the top three investors in Shanghai.

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