Foreign Capital Integrated into Shanghai's Economy: Mayor

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Last updated at: (Beijing Time) Thursday, August 28, 2003

Foreign Capital Integrated into Shanghai's Economy: Mayor

As officials in Shanghai racking their brain to attract foreign investment, they find that they have to be careful about the wording when attracting foreign investment in this, China's biggest city.

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As officials in Shanghai racking their brain to attract foreign investment, they find that they have to be careful about the wording when attracting foreign investment in this, China's biggest city.

Both Chen Liangyu, Secretary of the CPC Shanghai Municipal Committee, and Han Zheng, Shanghai's mayor, frowned at the Chinesewording of "liyong", or "make use of" foreign capital Wednesday morning at a foreign investment working session.

"We should throw off the old concept of making use of foreign capital in our city," Mayor Han told more than 500 officials attending the working session on absorbing foreign investment.

Han's colleague, Chen Liangyu, agreed.

"Foreign capital has been integrated deeply in Shanghai's economy," said Chen. "It is not just a matter of 'making use of' foreign investment."

The accumulative foreign investment in Shanghai had topped 70 billion US dollars by the end of this July, accounting for one-fifth of the city's investment in fixed assets and one-third of its profits and tax revenues, according to the city's latest statistics.

"Officials from top to bottom should take the initiative to attract foreign investment rather than just wait for it to come," Chen said.

Shanghai also unveiled its new policies for attracting foreign investment Wednesday, which clearly stated that foreign capital isencouraged to participate in the reorganization of state-owned enterprises (SOE) through merger and purchase of their ownership.

According to the new policies, foreign capital will enjoy the same treatment as domestic funds in buying SOEs, as well as simpler and more transparent procedures.

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