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Shanghai FDI grows 33% in April
By Wang Yanlin |
May 17, 2012, Thursday
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Online Edition
Online Edition
Shanghai's foreign direct investment continued to expand vigorously in April, defying the national trend of dwindling FDI and the city's own weakening economy.
Last month Shanghai absorbed US$2.07 billion in contractual foreign investment, up 33.2 percent from a year earlier, according to the Shanghai Statistics Bureau.
The pace quickened from a 2.7 percent rise in March but was slower compared with February's 29.3 percent.
Physically allocated foreign investment increased 15.9 percent to US$1.39 billion last month, a drop from the 46 percent surge in March.
"Shanghai is trying to overcome economic difficulties by continuously improving its business environment and making it more investment-friendly," said Wang Zehua, an analyst at the bureau. "When uncertainties prevail in the world, investors may feel safer to put their money in Shanghai."
Others attributed the city's recent strong growth of FDI to the Shanghai Disneyland project. The first phase of the amusement park will cost 24.5 billion yuan (US$3.8 billion) and an additional 4.5 billion yuan will be spent to build supporting facilities such as hotels, shops, restaurants and entertainment venues.
Partly because of this huge project, Shanghai's foreign investment is on rise. By contrast, foreign direct investment in China contracted for a sixth month in April by 0.74 percent.
Shanghai aims to attract at least US$10 billion in foreign direct investment in each of the five years from 2011 to 2015, the Shanghai Commission of Commerce said earlier in a guideline for foreign investment during the 12th Five-Year Plan period.
Last month Shanghai absorbed US$2.07 billion in contractual foreign investment, up 33.2 percent from a year earlier, according to the Shanghai Statistics Bureau.
The pace quickened from a 2.7 percent rise in March but was slower compared with February's 29.3 percent.
Physically allocated foreign investment increased 15.9 percent to US$1.39 billion last month, a drop from the 46 percent surge in March.
"Shanghai is trying to overcome economic difficulties by continuously improving its business environment and making it more investment-friendly," said Wang Zehua, an analyst at the bureau. "When uncertainties prevail in the world, investors may feel safer to put their money in Shanghai."
Others attributed the city's recent strong growth of FDI to the Shanghai Disneyland project. The first phase of the amusement park will cost 24.5 billion yuan (US$3.8 billion) and an additional 4.5 billion yuan will be spent to build supporting facilities such as hotels, shops, restaurants and entertainment venues.
Partly because of this huge project, Shanghai's foreign investment is on rise. By contrast, foreign direct investment in China contracted for a sixth month in April by 0.74 percent.
Shanghai aims to attract at least US$10 billion in foreign direct investment in each of the five years from 2011 to 2015, the Shanghai Commission of Commerce said earlier in a guideline for foreign investment during the 12th Five-Year Plan period.
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