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Shanghai to Optimize Environment to Attract More Overseas Investment
Shanghai will optimize its environment to attract more investment from overseas, said Chen Liangyu, deputy mayor of this industrial powerhouse in east China.
In a meeting with John W. Loose, chief executive of Corning Inc. of the United States, Chen said Shanghai will develop into a center for international business, finance, trade and shipping as well as a base for transnational corporations to expand their business in China.
Loose said Corning has so far set up eight enterprises across China, including a factory in Shanghai's Pudong New District. The company's investment in China has totaled over 200 million U.S. dollars to date.
He predicted that China will become the world's number one market for optical fiber and cable in the coming five years. Corning will therefore establish a holding company in China in the near future, with an initial investment of 30 million U.S. dollars.
Corning, founded in 1851, is one of the leading manufacturers of optical fiber and cable in the world.
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