Foreign Investment Rises in Suburban Shanghai

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Last updated at: (Beijing Time) Sunday, July 20, 2003

Foreign Investment Rises in Suburban Shanghai

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Shanghai suburbs are becoming a magnet for foreign investment as the metropolis seeks coordinated development of both the 600-square-kilometer city proper and the vast 5,700-square-kilometer suburban area.

According to statistics provided by the municipal agricultural committee, contractual foreign investment in Shanghai's suburbs signed in the first half of this year totaled 4.52 billion US dollars, accounting for 74 percent of the municipal total for the same period.

Actually used foreign investment here totaled 1.3 billion dollars in the first six months, up 30 percent year-on-year.

By the end of June, a total of 5,018 foreign-funded enterpriseshave gone into production in Shanghai's suburbs. Their sales revenue totaled 88 billion yuan (about 10.6 billion dollars) and exports 6.62 billion dollars in the first half of this year, up 50percent and 71 percent respectively year-on-year.

According to the municipal plan, suburban Shanghai is positioned to become a modern manufacturing center. Conforming to the policy, information technology projects, precision machinery and electrical products, and chemicals have become major targets for foreign investment in Shanghai's suburbs.

The municipal agricultural committee has set a target of attracting 7 billion dollars of contractual foreign investment to Shanghai's suburbs in 2003.

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