Private funds grow
By Lydia Chen |
October 14, 2011, Friday
|
Print Edition
Print Edition
PRIVATE investment has been playing a greater role in Shanghai's economic growth as the city moved ahead to support smaller firms and develop its private-equity market, the local industry watchdog said yesterday.
In the first half of this year, private investment rose 34.7 percent year on year to account for more than 40 percent of total investment in the city, according to the Shanghai Development and Reform Commission. In 2010, private investment rose 19 percent.
Shanghai will also boost investment in high-tech startup companies, Zhou Bo, director of the commission, told a press conference.
Since 2000, consumption has surpassed investment to be the city's biggest economic driver, with the consumption sector contributing nearly 55 percent to Shanghai's growth last year, Zhou said.
In the first half of this year, private investment rose 34.7 percent year on year to account for more than 40 percent of total investment in the city, according to the Shanghai Development and Reform Commission. In 2010, private investment rose 19 percent.
Shanghai will also boost investment in high-tech startup companies, Zhou Bo, director of the commission, told a press conference.
Since 2000, consumption has surpassed investment to be the city's biggest economic driver, with the consumption sector contributing nearly 55 percent to Shanghai's growth last year, Zhou said.
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