Foreign investment hits a record
By Wang Yanlin |
April 12, 2011, Tuesday
|
Print Edition
Print Edition
CONTRACTED foreign direct investment in Shanghai hit a record quarterly high of US$4.72 billion in the first three months, bolstered by overseas funds pumped into the city's services industry, the Shanghai Commission of Commerce said yesterday.
The annualized 28.2-percent FDI growth is seen as a good harbinger for the start of the 12th Five-Year Plan (2011-2015) that may mark the transition of Shanghai's economic structure.
"Expanding modern services is the core task for Shanghai to realize a revamp in its economic structure," the commission said. "Foreign investment will play an important role to help Shanghai pioneer in innovation and accomplish this goal in the next five years."
The city approved 769 foreign-invested projects in the January-March period. Of the total, 707 were related to the services industry, the commission said.
Investment in the services sector jumped 50.5 percent from a year earlier to US$4.24 billion in the first quarter, which accounted for 90 percent in the total basket.
The bulk came from the Shanghai Disneyland theme park, which started construction in the Pudong New Area last Friday. There were 40 services-related projects launched in the first quarter with foreign investment exceeding US$10 million.
By the end of March, the total number of foreign-invested projects in services industry climbed to 60,266, with a contracted value of US$179.8 billion.
Meanwhile, Shanghai granted 21 multinational companies permission to locate their regional headquarters in the city in the first quarter, 1.6 times the number compared with the same period of last year.
In addition, four global companies decided to set up research and development centers in Shanghai, including the United States-based pharmaceutical firm Lilly. Lilly decided to channel US$990 million into its R&D center in Shanghai.
The annualized 28.2-percent FDI growth is seen as a good harbinger for the start of the 12th Five-Year Plan (2011-2015) that may mark the transition of Shanghai's economic structure.
"Expanding modern services is the core task for Shanghai to realize a revamp in its economic structure," the commission said. "Foreign investment will play an important role to help Shanghai pioneer in innovation and accomplish this goal in the next five years."
The city approved 769 foreign-invested projects in the January-March period. Of the total, 707 were related to the services industry, the commission said.
Investment in the services sector jumped 50.5 percent from a year earlier to US$4.24 billion in the first quarter, which accounted for 90 percent in the total basket.
The bulk came from the Shanghai Disneyland theme park, which started construction in the Pudong New Area last Friday. There were 40 services-related projects launched in the first quarter with foreign investment exceeding US$10 million.
By the end of March, the total number of foreign-invested projects in services industry climbed to 60,266, with a contracted value of US$179.8 billion.
Meanwhile, Shanghai granted 21 multinational companies permission to locate their regional headquarters in the city in the first quarter, 1.6 times the number compared with the same period of last year.
In addition, four global companies decided to set up research and development centers in Shanghai, including the United States-based pharmaceutical firm Lilly. Lilly decided to channel US$990 million into its R&D center in Shanghai.
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