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December 3, 2009

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Home » Business » Economy

Pudong and private firms join hands

SHANGHAI'S Pudong New Area government signed investment agreements worth 20 billion yuan (US$3 billion) with more than 20 private enterprises yesterday.

Private firms are expected to play a more important role in Pudong's economic development after its merger with Nanhui District, Jiang Liang, governor of the area, said at the first Private Enterprises Development Summit yesterday.

The 70,000 private firms in Pudong contributed 20 percent of the area's gross domestic product last year, and 48 percent of the employees in Pudong worked for them.

The summit lured 100 private enterprises. The government and its affiliated firms won 27 investment projects in electric vehicles, bio-pharmacy, shipping and financing.

"We will increase support to private firms and help them address the difficulties in getting financing," Jiang said.

Shanghai Pharmaceutical (Group) Co, which had focused its development in other provinces instead of Shanghai due to the city's high costs of land and manpower, is planning to relocate to Pudong's Zhangjiang Hi-Tech Park.

"The overall cost is competitive, considering Shanghai's improving traffic network, government efficiency and transparent law and rules," said Chen Qiyu, the firm's CEO.


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