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FDI in Shanghai likely to hit record

FOREIGN direct investment in Shanghai this year may surpass last year's amount to reach a record high, said a senior government official today.

"Despite of the influence of the global financial crisis, Shanghai has secured a relatively stable growth of FDI this year," said Sha Hailin, chairman of the Shanghai Commission of Commerce, at an award ceremony for multinational companies with regional headquarters in Shanghai.

The city attracted US$9.62 billion foreign direct investment in the first 11 months, up 3.3 percent from a year earlier, and this year's total foreign investment is very likely to eclipse the amount of US$10.08 billion last year, Sha said.

The encouraging result, against the backdrop of a gloomy global economy, was generated through Shanghai's overall competitiveness and the government's streamlined administrative procedures, Sha said.

In January, Shanghai launched, a Website to provide online services for foreign investors. It helped to reduce the average time for project application to 5.1 days from 8 days.

Also, the commission allowed district and county governments to handle the examination and approval for foreign investment up to US$100 million, up from the previous US$30 million, to make the procedure more convenient for investors.

Yesterday, 18 multinational companies, including several Fortune 500 firms like TESCO and Dow Chemical, were granted certificates for settling their regional headquarters in Shanghai. It brought the total number of Shanghai-based regional headquarters to 751.


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