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August 17, 2016

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Home » Business » Finance

Services draw most of foreign capital

SHANGHAI’S service industry attracted most of the foreign investment in the first half of the year as investors tapped the opening-up policies used in the city’s free trade zone, the Shanghai Commission of Commerce said yesterday.

Foreign investors have invested US$8.7 billion in Shanghai in the first half year, an annual rise of 1.4 percent, data from the commission showed.

The service sectors including financial services and e-commerce, accounted for 94.3 percent of foreign investment in Shanghai in the first six months of this year, according to the data.

Foreign investment in financial services such as financial leasing and commercial factoring surged 140 percent year on year while that in information services soared 90 percent from a year earlier.

“The explosive growth was fuelled by policies to open up certain sectors in the free trade zone,” Shang Yuying, chairwomen of the commission, told a press conference yesterday.

“As the opening-up progresses, the pace of investment is expected to continue, especially in sectors such as finance, telecommunication, healthcare and culture.”

China, especially Shanghai, is still their top choice for long-term investment, Shang added.

The number of multinational regional headquarters in Shanghai expanded by 23 in the first half year to 558, while foreign research and development centers increased by 6 to 402.


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