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Shanghai FDI leaps 29%, bucks national trend
By Wang Yanlin |
March 20, 2012, Tuesday
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Online Edition
Online Edition
FOREIGN direct investment in Shanghai expanded vigorously last month, defying the national trend of falling investments from overseas, the city's statistics office reported.
Officials attributed the strong rise to more capital flowing into the services industry, especially for the Shanghai Disneyland project.
The city attracted a total of US$1.45 billion contracted foreign investment in February, up 29.3 percent from a year earlier, the Shanghai Statistics Bureau said.
The pace weakened from the city's average of 31.1 percent last year but was faster than January's 12.5 percent and was much better than the national performance which fell 0.9 percent annually in February.
The number of new foreign projects in Shanghai fell 19.4 percent year on year to 175 units, indicating the introduction of larger and more capital-intensive projects.
"Shanghai has managed to brave the difficulties by continuously improving the city's business environment," said Wang Zehua, an analyst at the bureau. "Also, Shanghai has comparative advantages with its stable economic growth and a mature infrastructure for foreign investors, making them feel safer than investing elsewhere amid all the uncertainties."
Last month, an amount of US$1.27 billion, or nearly 90 percent of the total contracted FDI in Shanghai, was pumped into the city's services industry, up 25.2 percent from a year earlier.
The bureau did not specify on either destinations or origins of these foreign investments, but an official at the Shanghai Commerce Commission confirmed that a big source of capital was for the Shanghai Disneyland project.
According to the National Bureau of Statistics, investment from the United States increased in both January and February, a sharp change from last year's drop of 26 percent.
The core facilities of Shanghai Disneyland, including infrastructure of roads and pipelines, will be under construction in April. The first phase of the park will cost 24.5 billion yuan (US$3.8 billion), and an additional 4.5 billion yuan will be spent on building supporting facilities such as hotels, shops, restaurants and entertainment venues.
Shanghai would try to attract at least US$10 billion foreign direct investment in each of the years by 2015, the Shanghai Commission of Commerce said earlier this month in a guideline for foreign investment during the 12th Five-Year Plan (2011-2015) period.
A mature market system, skilled workforce, efficient government and transparent laws should be major reasons for foreign investors to choose the city, instead of preferential policies, the commission said.
Officials attributed the strong rise to more capital flowing into the services industry, especially for the Shanghai Disneyland project.
The city attracted a total of US$1.45 billion contracted foreign investment in February, up 29.3 percent from a year earlier, the Shanghai Statistics Bureau said.
The pace weakened from the city's average of 31.1 percent last year but was faster than January's 12.5 percent and was much better than the national performance which fell 0.9 percent annually in February.
The number of new foreign projects in Shanghai fell 19.4 percent year on year to 175 units, indicating the introduction of larger and more capital-intensive projects.
"Shanghai has managed to brave the difficulties by continuously improving the city's business environment," said Wang Zehua, an analyst at the bureau. "Also, Shanghai has comparative advantages with its stable economic growth and a mature infrastructure for foreign investors, making them feel safer than investing elsewhere amid all the uncertainties."
Last month, an amount of US$1.27 billion, or nearly 90 percent of the total contracted FDI in Shanghai, was pumped into the city's services industry, up 25.2 percent from a year earlier.
The bureau did not specify on either destinations or origins of these foreign investments, but an official at the Shanghai Commerce Commission confirmed that a big source of capital was for the Shanghai Disneyland project.
According to the National Bureau of Statistics, investment from the United States increased in both January and February, a sharp change from last year's drop of 26 percent.
The core facilities of Shanghai Disneyland, including infrastructure of roads and pipelines, will be under construction in April. The first phase of the park will cost 24.5 billion yuan (US$3.8 billion), and an additional 4.5 billion yuan will be spent on building supporting facilities such as hotels, shops, restaurants and entertainment venues.
Shanghai would try to attract at least US$10 billion foreign direct investment in each of the years by 2015, the Shanghai Commission of Commerce said earlier this month in a guideline for foreign investment during the 12th Five-Year Plan (2011-2015) period.
A mature market system, skilled workforce, efficient government and transparent laws should be major reasons for foreign investors to choose the city, instead of preferential policies, the commission said.
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