Foreign investment in Shanghai back on fast track after hiccups
By Zhu Shenshen |
April 3, 2010, Saturday
|
Print Edition
Print Edition
FOREIGN direct investment in Shanghai returned to growth in the first three months of 2010 after dipping for four consecutive quarters.
The turnaround came as overseas firms injected capital into Shanghai's advanced manufacturing and services sectors, the city's Commission of Commerce said yesterday.
FDI rose 5.2 percent in the first quarter from a year before to US$2.44 billion, according to Sha Hailin, chairman of the Shanghai Commission of Commerce.
"The investment rebound started in February thanks to new manufacturing facilities, regional headquarters and investment arms coming to Shanghai during this period," Sha told Shanghai Daily.
"We will continue to improve the local investment environment this year such as in legal and IPR (intellectual property rights) issues," added Sha, who is also deputy secretary general of the Shanghai government.
FDI in the manufacturing industry accounted for 23 percent of the total investment, according to the Commission of Commerce.
The FDI figure is widely regarded as reflecting the broad investment climate of a region.
Analysts were bullish over the FDI figures yesterday.
"Shanghai's economic strength and its development of a global financial and shipping center are attracting foreign companies back to the city as the worldwide economy recovers," said Wu Ke, a Zhongtian Investment Consulting Co analyst.
More than 75 percent of United States companies say that the business environment in China has either improved or stayed the same over the past six months, according to a survey released by the American Chamber of Commerce in Shanghai.
The firms had chosen to increase China investment, manufacturing operations, R&D centers, hiring, product development and procurement, it said.
"We don't see a dramatic change in sentiment from our membership," Brenda Foster, president of AmCham Shanghai, said in a statement.
Among the 218 US companies surveyed by AmCham Shanghai, 65 percent reported that their business performance had improved in the past six months.
Among all overseas investment, high-tech and green power were the most prominent.
Advanced Semiconductor Engineering, the world's biggest chip assembling and test firm, announced during the week that it was investing US$1.2 billion to establish a manufacturing facility.
US-based high-tech giants, like Microsoft and Cisco, have set research and development centers in the city.
In the finance sector, conglomerates like CLSA and Carlyle, through cooperation with local partners, have set up private equity funds.
A 10-billion-yuan (US$1.46-billion) fund was begun by CLSA and Shanghai Guosheng in the quarter.
The turnaround came as overseas firms injected capital into Shanghai's advanced manufacturing and services sectors, the city's Commission of Commerce said yesterday.
FDI rose 5.2 percent in the first quarter from a year before to US$2.44 billion, according to Sha Hailin, chairman of the Shanghai Commission of Commerce.
"The investment rebound started in February thanks to new manufacturing facilities, regional headquarters and investment arms coming to Shanghai during this period," Sha told Shanghai Daily.
"We will continue to improve the local investment environment this year such as in legal and IPR (intellectual property rights) issues," added Sha, who is also deputy secretary general of the Shanghai government.
FDI in the manufacturing industry accounted for 23 percent of the total investment, according to the Commission of Commerce.
The FDI figure is widely regarded as reflecting the broad investment climate of a region.
Analysts were bullish over the FDI figures yesterday.
"Shanghai's economic strength and its development of a global financial and shipping center are attracting foreign companies back to the city as the worldwide economy recovers," said Wu Ke, a Zhongtian Investment Consulting Co analyst.
More than 75 percent of United States companies say that the business environment in China has either improved or stayed the same over the past six months, according to a survey released by the American Chamber of Commerce in Shanghai.
The firms had chosen to increase China investment, manufacturing operations, R&D centers, hiring, product development and procurement, it said.
"We don't see a dramatic change in sentiment from our membership," Brenda Foster, president of AmCham Shanghai, said in a statement.
Among the 218 US companies surveyed by AmCham Shanghai, 65 percent reported that their business performance had improved in the past six months.
Among all overseas investment, high-tech and green power were the most prominent.
Advanced Semiconductor Engineering, the world's biggest chip assembling and test firm, announced during the week that it was investing US$1.2 billion to establish a manufacturing facility.
US-based high-tech giants, like Microsoft and Cisco, have set research and development centers in the city.
In the finance sector, conglomerates like CLSA and Carlyle, through cooperation with local partners, have set up private equity funds.
A 10-billion-yuan (US$1.46-billion) fund was begun by CLSA and Shanghai Guosheng in the quarter.
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