City seeks balance in investment expansion
By Wang Yanlin |
February 10, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI aims to maintain a "moderate" foreign investment growth this year as well as encourage local companies to go global, a senior government official said yesterday.
The Shanghai Municipal Commission of Commerce has set a target for foreign investment in the city to keep a "moderate" scale, and for outbound funds to increase 10 percent from a year earlier.
"The World Expo to be held this year will provide a lot of opportunities for foreign investors, and we hope they will have more interest to fund the services sector and high-tech industries that are key to Shanghai's economic revamp," commission director Sha Hailin said at a briefing to address questions from investors.
He said the Expo will accelerate Shanghai's shift to a service-led economy, which is also powered by advanced manufacturing, adding that opportunities exist for investors in financial services, shipping, e-commerce, conferences and exhibitions, green energy, aviation, vehicle and modern equipment manufacturing.
Shanghai attracted a record of US$10.5 billion in investments from overseas in 2009, up 4.5 percent from a year earlier. The services sector absorbed US$7.6 billion of foreign investment last year, up 11.4 percent year on year.
The city's outbound investment soared 117 percent annually to US$1.54 billion in 2009 when the global economy tumbled amid the financial crisis and threw up many bargain opportunities.
Local firms may tap emerging markets this year, Sha said.
The Shanghai Municipal Commission of Commerce has set a target for foreign investment in the city to keep a "moderate" scale, and for outbound funds to increase 10 percent from a year earlier.
"The World Expo to be held this year will provide a lot of opportunities for foreign investors, and we hope they will have more interest to fund the services sector and high-tech industries that are key to Shanghai's economic revamp," commission director Sha Hailin said at a briefing to address questions from investors.
He said the Expo will accelerate Shanghai's shift to a service-led economy, which is also powered by advanced manufacturing, adding that opportunities exist for investors in financial services, shipping, e-commerce, conferences and exhibitions, green energy, aviation, vehicle and modern equipment manufacturing.
Shanghai attracted a record of US$10.5 billion in investments from overseas in 2009, up 4.5 percent from a year earlier. The services sector absorbed US$7.6 billion of foreign investment last year, up 11.4 percent year on year.
The city's outbound investment soared 117 percent annually to US$1.54 billion in 2009 when the global economy tumbled amid the financial crisis and threw up many bargain opportunities.
Local firms may tap emerging markets this year, Sha said.
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