Overseas-funded Firms Dominate Shanghai's Exports

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Last updated at: (Beijing Time) Sunday, June 23, 2002

Overseas-funded Firms Dominate Shanghai's Exports

Overseas-funded enterprises in Shanghai, the biggest business and commercial center in China, became the city's dominant exporter for the first time, official statistics have shown.

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Overseas-funded enterprises in Shanghai, the biggest business and commercial center in China, became the city's dominant exporter for the first time, official statistics have shown.

According to information released by the Shanghai Municipal Foreign Trade and Economic Cooperation Commission, overseas-funded firms exported 7.095 billion U.S. dollars worth of products during the first five months of this year, 60 percent of the total for the city.

Overseas-funded firms have reported a more than 50 percent annual growth rate in exports since 1998 with 15.96 billion US dollars in total exports last year.

Exports by foreign-funded firms in Shanghai totaled 645 million US dollars in 1991, and made up 37 percent of all exports in 1996.

Commenting on the performance of foreign invested enterprises, Jiang Yiren, executive vice-mayor of Shanghai, said they are the main contributors to the growing Shanghai export sector.

Information technology products have the fastest growth rate of all products exported by overseas funded firms.

During the first five months of this year, exports of integrated circuits and micro-electronic parts, parts for automatic data processing equipment, and mobile phones rose by 56. 6 percent, 364 percent and 108 percent respectively over the same period last year.

Shanghai recorded increased exports to the United States, Malaysia, and Thailand but not to the European Union.

Shanghai had approved a total of 25,900 overseas-funded firms by the end of May, with about 5,100 of these being exporters.

Philips, Siemens and Intel were the top three overseas-funded exporters in Shanghai last year in terms of volume.

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