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FTZ key place to attract foreign investment
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The Shanghai (China) Pilot Free Trade Zone is playing an increasingly important role in attracting foreign investors as foreign companies continue to show interest in it, senior officials said today.
Contract value of foreign-funded projects in the FTZ added five times from a year ago to US$23.5 billion by the end of May this year, accounting for 79.1 percent of total foreign investment contract value in the city, Shang Yuying, chairwoman of the Shanghai Commission of Commerce, told a press conference today.
In the first five months, 1,262 foreign-funded projects were launched in the FTZ, up 48.6 percent from a year ago, and city wide, the number of foreign projects added 35.4 percent annually to 2,530. Financial leasing companies made up 62 percent of the newly introduced projects.
Starting this year, overseas firms will be allowed to own over 50 percent of joint ventures in selected industry sectors within in the FTZ as part of China’s latest move to open the state-controlled industry. More than 900 projects have been launched after restrictions were relaxed in industries including game consoles, value-added telecommunication services and the new rules have been extended to other parts of the city outside of the FTZ.
Shanghai is also home to regional headquarters of a total of 510 multinational companies by the end of May this year.
It has also attracted a total of 384 foreign-funded research and development centers and these research facilities continue to boost Shanghai's capability as technology innovation center.
Besides, Shanghai will release a guideline in the near future to boost cross-border e-commerce and retail as a part of the effort to beef up reform measures in the trade sector, vice chairman of Shanghai Commerce Commission said today.
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