FDI in Shanghai hits new high
By Wang Yanlin |
June 18, 2011, Saturday
|
Print Edition
Print Edition
SIGNALING stronger interest in the service industry, foreign investors channeled more funds into Shanghai last month, pushing up foreign direct investment to a new high.
Contracted FDI in Shanghai jumped 35.9 percent from a year earlier to US$1.6 billion in May, the highest so far this year, the Shanghai Statistics Bureau said.
It was boosted by a strong expansion of funds flowing into the service sector, and compared with the pace of 11.9 percent in April.
"With Shanghai's vision to become a global center of finance and trade by 2020, more foreign businesses are looking to establish or expand their presence in Shanghai," said Wang Zehua, an analyst at the bureau. "Foreign companies providing services, especially those connected with finance, logistics and shipping, are more active than ever before."
Foreign investment in the service sector soared 67.1 percent from a year earlier to US$1.49 billion last month, accounting for 92.9 percent of total contracted FDI, the bureau said.
The city's manufacturing sector only attracted US$107 million in May, a drop of 64.2 percent year on year.
Newly-signed contracts seemed to have comparatively smaller value as the number of foreign investment projects increased an annual 42.2 percent to 394 units in May, higher than the 35.9 percent growth in value.
But in the service industry, the number of contracted projects rose 46 percent, much slower than the value growth of 67.1 percent and indicating bigger deals being signed.
Shanghai seemed to buck the national trend as China's FDI continued to grow at a slower pace. FDI in China rose 13.4 percent year on year in May, down from the pace of 15.2 percent in April and 32.9 percent in March.
"Shanghai will continue to improve the business climate for foreign investors," Sha Hailin, chief of the Shanghai Commerce Commission, said earlier. "With faster reforms to the city's economic structure and the opening-up of more industries that were previously not accessible to foreign investors, we expect more FDI inflows."
Contracted FDI in Shanghai jumped 35.9 percent from a year earlier to US$1.6 billion in May, the highest so far this year, the Shanghai Statistics Bureau said.
It was boosted by a strong expansion of funds flowing into the service sector, and compared with the pace of 11.9 percent in April.
"With Shanghai's vision to become a global center of finance and trade by 2020, more foreign businesses are looking to establish or expand their presence in Shanghai," said Wang Zehua, an analyst at the bureau. "Foreign companies providing services, especially those connected with finance, logistics and shipping, are more active than ever before."
Foreign investment in the service sector soared 67.1 percent from a year earlier to US$1.49 billion last month, accounting for 92.9 percent of total contracted FDI, the bureau said.
The city's manufacturing sector only attracted US$107 million in May, a drop of 64.2 percent year on year.
Newly-signed contracts seemed to have comparatively smaller value as the number of foreign investment projects increased an annual 42.2 percent to 394 units in May, higher than the 35.9 percent growth in value.
But in the service industry, the number of contracted projects rose 46 percent, much slower than the value growth of 67.1 percent and indicating bigger deals being signed.
Shanghai seemed to buck the national trend as China's FDI continued to grow at a slower pace. FDI in China rose 13.4 percent year on year in May, down from the pace of 15.2 percent in April and 32.9 percent in March.
"Shanghai will continue to improve the business climate for foreign investors," Sha Hailin, chief of the Shanghai Commerce Commission, said earlier. "With faster reforms to the city's economic structure and the opening-up of more industries that were previously not accessible to foreign investors, we expect more FDI inflows."
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