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Shanghai's FDI growth higher than national average in first half of 2009 |
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14:59, July 27, 2009 |
Recently, Shanghai Municipal Government issued certificates to the sixteenth batch of Shanghai-based regional headquarters of multinational companies. In the first half of 2009, foreign companies established an additional 31 economic institutions' headquarters, of which 16 were regional headquarters of multinational companies, five were investment-oriented companies and 10 were research and development centers.
To date, Shanghai is home to a total of 707 economic institutions' headquarters. Of them, 240 are regional headquarters of multinational companies, 183 are investment-oriented companies and 284 are research and development centers.
In the first half of this year, Shanghai attracted 5.15 billion USD of foreign direct investment (FDI), an increase of 2.5 percent year-on-year. This growth rate is higher than the national average. In the first half, 75.8 percent of Shanghai's gross contractual FDI came from the service sector, with considerable FDI growth seen in the modern service industries like science and technology services and commercial services.
Starting from August 1, Shanghai Municipal Commission of Commerce will empower districts and counties with the right to review and approve foreign investment projects which have been encouraged or admitted by the government, with their maximum total investment increasing from 30 million USD to 100 million USD. By the end of this year, Shanghai will expand the coverage of its online foreign investment service system to include local districts and counties, and further transfer the power of reviewing and approving foreign investment projects under national regulations, such as mergers and acquisitions, to lower level government departments.
By People's Daily Online
http://paper.people.com.cn/rmrb/html/2009-07/27/content_305657.htm
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