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Foreign-funded firms in Shanghai report high profit
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13:15, February 02, 2008

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Foreign-invested enterprises in Shanghai scored 107.556 billion yuan (14.7 billion U.S. dollars) in profits in the first 11 months of 2007, a drastic increase of 37.9 percent as against the same period of the previous year, according to the local authority.

During the period, the companies reported 1.73 trillion yuan (237 billion U.S. dollars) in sales revenue, up 22.4 percent compared with the corresponding period of 2006, according to the statistics released by Shanghai Foreign Relations and Trade Commission.

Foreign-funded firms accounted for two thirds of the city's total volume of imports and exports that hit 283 billion U.S. dollars, the commission said.

The companies employed more than 1.8 million people as of November last year, about 25 percent of the city's total working population.

Foreign-invested companies have enjoyed a sound business development and contributed to the economic growth of this eastern metropolis, according to the commission.

The city had nearly 14.9 billion U.S. dollars of contractual investment last year on business expansion. The accumulated actual foreign investment hit 74.7 billion U.S. dollars by the end of 2007 from some 130 countries and regions, covering more than 48,000 projects.

Source:Xinhua



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