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Shanghai's May FDI rises to highest this year
By Wang Yanlin |
June 17, 2011, Friday
|
Online Edition
Online Edition
With growing interest in China's service industry, foreign investors channeled more funds into Shanghai last month and pushed foreign direct investment to a new high.
Contracted FDI in Shanghai jumped 35.9 percent from a year earlier to US$1.6 billion in May, the highest so far this year, the Shanghai Statistics Bureau said.
It was boosted by a surge of funds in the service industry and compared sharply with the rate of 11.9 percent in April.
"With Shanghai aiming to be a global financial and trade center by 2020, more foreign businesses desire to establish or expand their presence in Shanghai," said Wang Zehua, an analyst at the bureau. "Foreign companies providing services, especially those connected with finance, logistics and shipping, are more active than before."
Foreign investment in services soared 67.1 percent from a year earlier to US$1.49 billion last month, accounting for 92.9 percent of total contracted FDI, the bureau said.
In comparison, the city's manufacturing sector only attracted US$107 million in May, a plunge of 64.2 percent year-on-year.
New contracts seemed smaller in value as the number of foreign-funded projects increased 42.2 percent to 394 in May, higher than the 35.9 percent growth in value.
But in the service industry, the number of contracted projects rose 46 percent, much slower than the 67.1 percent growth in value, indicating bigger deals being signed.
Shanghai seemed to have bucked the national trend of slower FDI growth.
Foreign direct investment in China rose 13.4 percent year-on-year in May, down from the pace of 15.2 percent in April and 32.9 percent in March.
"Shanghai will continue to improve business climate for foreign investors," Sha Hailin, chairman of the Shanghai Commerce Commission, said earlier this week. "As Shanghai accelerates its economic restructuring and opens more industries to foreign investment, we expect more FDI to flow in."
China is revising its national guidelines on foreign investment to allow more foreign players into emerging industries such as aerospace, auto parts for cleaner vehicles, recyclable water facilities, and green battery production.
Contracted FDI in Shanghai jumped 35.9 percent from a year earlier to US$1.6 billion in May, the highest so far this year, the Shanghai Statistics Bureau said.
It was boosted by a surge of funds in the service industry and compared sharply with the rate of 11.9 percent in April.
"With Shanghai aiming to be a global financial and trade center by 2020, more foreign businesses desire to establish or expand their presence in Shanghai," said Wang Zehua, an analyst at the bureau. "Foreign companies providing services, especially those connected with finance, logistics and shipping, are more active than before."
Foreign investment in services soared 67.1 percent from a year earlier to US$1.49 billion last month, accounting for 92.9 percent of total contracted FDI, the bureau said.
In comparison, the city's manufacturing sector only attracted US$107 million in May, a plunge of 64.2 percent year-on-year.
New contracts seemed smaller in value as the number of foreign-funded projects increased 42.2 percent to 394 in May, higher than the 35.9 percent growth in value.
But in the service industry, the number of contracted projects rose 46 percent, much slower than the 67.1 percent growth in value, indicating bigger deals being signed.
Shanghai seemed to have bucked the national trend of slower FDI growth.
Foreign direct investment in China rose 13.4 percent year-on-year in May, down from the pace of 15.2 percent in April and 32.9 percent in March.
"Shanghai will continue to improve business climate for foreign investors," Sha Hailin, chairman of the Shanghai Commerce Commission, said earlier this week. "As Shanghai accelerates its economic restructuring and opens more industries to foreign investment, we expect more FDI to flow in."
China is revising its national guidelines on foreign investment to allow more foreign players into emerging industries such as aerospace, auto parts for cleaner vehicles, recyclable water facilities, and green battery production.
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