Suburban Shanghai Becomes Attractive Investment Destination

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Last updated at: (Beijing Time) Sunday, June 08, 2003

Suburban Shanghai Becomes Attractive Investment Destination

With its vast geographic area and great economic development potential, suburban Shanghai is becoming increasingly attractive to investors from both home and abroad.

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With its vast geographic area and great economic development potential, suburban Shanghai is becoming increasingly attractive to investors from both home and abroad.

Suburban Shanghai registered 2.52 billion US dollars in contractual foreign investment in the first four months of this year, accounting for 58.6 percent of the city's total for the sameperiod, according to statistics from the Shanghai Municipal Agriculture Committee.

Statistics show that 60 percent of the foreign investment registered by the city in 2001 and 65 percent of that registered in 2002 was invested in the city's suburbs, compared with only 28 percent in the late 1990s.

By the end of last year, 13,000 foreign-financed enterprises had been established in the suburbs of Shanghai, involving a contractual foreign investment of nearly 30 billion US dollars.

Businesses based in other parts of China have also begun to invest in Shanghai's suburbs. Partial statistics show that suburban Shanghai approved the establishment of more than 5,100 enterprises financed by domestic investors in 2002 alone, introducing 25.7 billion yuan (3.1 billion US dollars) in investment.

By the end of April this year, the number of private enterprises in suburban Shanghai had exceeded 200,000, or more than 90 percent of the city's total.

In order to take full advantage of its ability to lure foreign investment, Shanghai plans to transform its suburban area into a hub for navigation and air transportation, a coastal economic development zone and a production base for iron and steel, petro-chemistry, automobiles and high and new technologies.

According to the plan, Shanghai will introduce seven to eight billion US dollars in contractual foreign investment and 30 to 35 billion yuan (3.6 billion to 4.2 billion US dollars) in domestic investment into its suburban areas this year.

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