Foreign funds in FTZ rise to US$24b
Print Edition
THE Shanghai (China) Pilot Free Trade Zone is playing an increasingly important role in attracting foreign investors who continue to show interest in it, senior officials said yesterday.
The contract value of foreign-funded projects in the FTZ rose five times from a year ago to US$23.5 billion by the end of May, accounting for 79.1 percent of total foreign investment contract value in the city, Shang Yuying, chairwoman of the Shanghai Commission of Commerce, told a press conference yesterday.
In the first five months, 1,262 foreign-funded projects were launched in the FTZ, up 48.6 percent from a year ago. The number of foreign projects jumped 35.4 percent annually to 2,530 across the city. Financial leasing companies made up 62 percent of the newly introduced projects.
Starting this year, overseas firms have been allowed to own over 50 percent of joint ventures in selected industries within the FTZ.
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