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Shanghai Invites Foreign Capital for Six New Key Industries
In the coming five year, Shanghai will make great efforts to attract foreign capital to six new major industries and open as well the service trade and the real estate market to the foreign capital on a larger scale.
Shanghai has set a goal to tout for a contracted foreign capital of US$5.5 billion with some US$ 4.5 billion actually realized as expected. Beside diverting the introduction orientation of foreign capital, Shanghai has also adopted new policies to promote private enterprises especially hi-tech ones to use foreign capital and encourage foreign enterprises to purchase the domestic ones.
Shanghai has made information, financial service, interflow of commodities and trades, auto manufacture, equipment sets, and real estate as its new six key industries. Compared with Shanghai's old six key industries of auto manufacture, communication equipment, power station facilities, petrochemical industry, steel, and modern domestic appliances, the new ones are closely related with the hi-tech industry and service trades.
Zhu Xiaoming, director of the Shanghai Foreign Trade and Economic Cooperation Commission, said that the city should give full play to its advantages in the service trades, to boost the opening up of suchlike services as in commerce, foreign trade, transportation, science and technology, sanitation, accountant offices and law firms.
During the middle of 1990s, the foreign investment in Shanghai's real estate market had once accounted for over 40 percent in Shanghai's foreign capital introduction. And then the Shanghai Municipal government set a restriction on the foreign investment in this aspect, cutting down its proportion to 10 percent due to the overheated investment, resulting in too many apartments left unused. Whereas under the current situation of increasing housing consumption by domestic and foreign enterprises, Shanghai will let loose the policy to boost the housing development in the city proper by drawing in more foreign capital.
Zhu is optimistic in readjusting the stresses in the introduction of foreign capital because most of foreign investment in Shanghai gets a high return due to Shanghai's better investment ambience. Statistics show that Shanghai has realized the GDP increase in two-digital numbers for nine years on end and its current industrial assets repayment has reached nine percent, higher than the average in other areas of China. What is more is that Shanghai has seen its heyday in the industrial production value and efficiency in the past ten years.
Shanghai to Attract Overseas Capital to 6 New Pillar Industries
In the coming 5 years, Shanghai will allure overseas capital to develop its 6 new pillar industries.
Shanghai has signed agreement with overseas investors on US$ 5.5 billion, and US$ 4.5 billion has been realized.
By PD Online staff member Huang Ying
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