Foreign investment rises in suburban Shanghai
( 2003-07-20 15:33) (Xinhua)
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 enterprises have 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 50 percent 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.