Overseas Investors Eye Shanghai's Service Sector

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Last updated at: (Beijing Time) Wednesday, November 06, 2002

Overseas Investors Eye Shanghai's Service Sector

More than half the overseas-funded start-up companies in Shanghai are involved in service industries, a sector that has drawn flocks of avid investors in recent years, official statistics show.

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More than half the overseas-funded start-up companies in Shanghai are involved in service industries, a sector that has drawn flocks of avid investors in recent years, official statistics show.

Of all the 1,113 overseas-invested businesses set up in Shanghai between July and September, 636 are engaged in the service trade, according to figures released by the city's industry and commerce authorities.

Analysts predict China's service industries are set to become a major attraction for overseas investors now that the country has gradually opened up the sector in line with its commitments to the World Trade Organization.

Many new investors have entered the Shanghai market through mergers and acquisitions, and solely overseas-funded firms make up80 percent of all new businesses, sources say.

Among the newly established companies are four from Brunei -- the first time Bruneian businesses have entered the Shanghai market.

To date, most member economies of the Asia-Pacific Economic Cooperation have invested in Shanghai. The Hong Kong Special Administrative Region leads all other APEC members with investment in 5,677 enterprises, followed by Japan and the United States.

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