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Shanghai FDI posts smaller rise in August
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SHANGHAI’S foreign direct investment increased 0.6 percent from a year earlier to US$1.74 billion in August, the Shanghai Statistics Bureau said yesterday.
The pace slowed from the 1.7 percent rise in July but was still much stronger than the average fall of 14 percent in China.
Foreign funds flowing into Shanghai’s service sector jumped 60.5 percent in terms of value last month, or accounting for 93.5 percent in the total investment basket. Those in the manufacturing sector dropped 38.6 percent, reflecting the city’s efforts at restructuring the economy.
Shanghai’s pilot free trade zone has become a magnet for foreign investment. In the first half, 1,016 foreign-funded projects worth US$5.4 billion were launched in the FTZ. The number accounted for nearly half of all foreign-funded projects in the city, and foreign firms have shown marked interest in the zone as its regulations and rules mature gradually.
Shang Yuying, chairwoman of the Shanghai Commission of Commerce, said earlier that the city has become an increasingly attractive location for foreign investment.
“Foreign investment has played a key role in Shanghai’s economy,” she said. “The city will continue to open the market for foreign investors while improving the investment environment for all.”
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