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Shanghai Authorizes 111 Large Foreign Funded Projects
China's leading industrial and commercial city of Shanghai authorized 111 projects with each having at least 10 million U.S. dollars of investment in the first seven months of this year.
An official with the municipal foreign investment work committee told Xinhua Friday that Shanghai's contracted value of overseas investment during the period reached 3.24 billion U.S. dollars.
He said, so far, the municipality has authorized a total of 2, 008 projects, involving a total overseas investment of 36.41 billion U.S. dollars.
The official said the newly authorized projects cover such industrial sectors as microelectronics, information technology and precision machinery.
He said that overseas investment in the service trade of the city increased by 39.92 percent to 1.235 billion U.S. dollars in the first seven months of this year.
The overseas investment has increased remarkably in the building of jointly-funded wholesale and real estate ventures and hospitals.
Japan ranked top in Shanghai's overseas investment in the seven-month period, with the contracted investment volume amounting to 1.12 billion U.S. dollars.
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