Shanghai's foreign investment up 15% in Jan-Sept

SHANGHAI -- Shanghai's paid-in foreign investment rose by 15 percent year-on-year in the first three quarters of 2021, local authorities said Friday.

The actual use of foreign investment in Shanghai reached about $17.85 billion during the January-September period, the municipal commission of commerce said at a foreign investment promotion event. The figure represented an increase of 22 percent from the same period of 2019 before the COVID-19 pandemic.

During the three quarters, 5,136 foreign-funded enterprises were newly established in Shanghai, up 27.1 percent year-on-year, said the commission.

Forty-seven regional headquarters of foreign-funded multinational companies were set up in Shanghai during the period, bringing the city's total number to 818. Meanwhile, 20 foreign-funded research and development centers were built, raising Shanghai's total to 501.