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Most Foreign Investors in Shanghai Positive about Economy

Sixty-one percent of the 111 surveyed multinational investing in Shanghai hold a positive attitude toward China's economy, and 78 percent confide in the future of Shanghai's economy, according to the latest statistics from the Shanghai Foreign Trade and Economic Committee.
Hu Zhonghua, deputy head of the committee, said that among these enterprises, 27 percent have faith in the Asian economy.
There are now 250 of the world's top 500 firms, and 59 of the 100 largest industrial multinational corporations with branches or agencies in Shanghai.
Above 75 percent of the polled enterprises and agencies said that the municipality's investment policies will inspire them to increase their investments, and 66.67 percent said that investment in Shanghai will help reduce their cost.
Hu said this survey shows that the implementation of the reform and opening policy has scored substantial results over the last 20 years.
The main reasons for their confidence in China are the stability of the Chinese currency, the reduction of bank interests and tariffs in China, and the resolute fight against smuggling throughout the country.
However, about half of those surveyed noted that complicated registration and approval procedures cause some problems for foreign investors.
To attract more investment from overseas, the Shanghai municipal government plans to set up overseas agencies to offer still better services and consultations for overseas businesses, simplify registration procedures, implement preferential policies for the development of private enterprises and joint ventures, and encourage investment in technological, medical, and educational fields, Hu added.
Hu predicts that a continuous rise in domestic demand across the country will ensure a high growth rate of economic development in Shanghai.
By the end of August, the municipality had approved nearly 200, 000 foreign-funded projects from 84 countries and regions, and attracted 37.747 billion US dollars, with 26.298 billion U.S. dollars in actual use now. (Xinhua)

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