Shanghai is poised to benefit from China's newly-implemented policies to strengthen the use of investment from overseas, officials from the Municipal Foreign Economic and Trade Commission said.

The central government has transferred power to the provincial level for ratifying overseas-funded projects, on condition that they cost over 30 million US dollars each and are involved in the areas where China is encouraging the inflow of overseas investment.

These areas include more than 170 categories and a dozen of industries including agriculture, forestry, husbandry, fisheries, textiles, transportation, telecommunications, coal, electricity, non-ferrous metal, petroleum and petrochemicals, machinery, pharmaceuticals, aerospace.

These projects should not depend on the government for their raw materials and power supplies.

Included in these enhancing policies are regulations on taxation, loans, insurance, land use and several other areas.

Shanghai has pledged to create a better environment for overseas investors by further improving its laws governing overseas investment and doing away with policies that discourage the introduction of overseas capital. (Xinhua)