September 18, 2019

Shanghai seals 42 foreign capital investment projects

Altogether 42 foreign capital investment projects, totaling US$7.7 billion, were signed in Shanghai on Monday.

Shanghai Mayor Ying Yong and Vice Mayor Xu Kunlin attended the signing ceremony.

The Pudong New Area accounted for 12 of the batch and 44 percent of the volume, namely US$3.39 billion, with projects in Lujiazui, Zhangjiang, the bonded area and the expanded free trade zone in Lingang.

The firms include GLP Shanghai, Fresh Hema, Macquarie, BASF and others engaged in the biomedicine, chemical, new energy and financial businesses.

According to statistics from the city commerce commission, Shanghai has attracted over US$500 billion in investment with more than half actually utilized by the end of August.

The city now boasts more than 700 global firm headquarters and 450 R&D centers.

Apart from the rising foreign capital inflow, the structure has been improving as well.

From January to August this year, foreign capital into the service industry grew 13.3 percent to US$11.6 billion while the manufacturing industry gained US$1.5 billion, with a year-on-year growth of 14.7 percent.

The two industries took up 88.3 percent and 11.4 percent, respectively, of the overall foreign investment use.

The business layout with commercial service as the priority and a balanced development between information, finance, trade and real estate industries has been further enhanced.

Meanwhile, the manufacturing sector is gaining more in industries like electric machinery, biomedicine, auto parts and food.