Shanghai aiming to increase its outbound investment to US$15b
Print Edition
SHANGHAI aims to increase its outbound direct investment to US$15 billion this year, up from US$12.3 billion in 2014, the Shanghai Commission of Commerce said yesterday.
Meanwhile, the city will keep its trade, foreign direct investment and retail sales stable under the “economic new normal” while accelerating reforms to become more innovative, the commission said.
“Restructuring will continue to be a key word for our works this year,” said Shang Yuying, the commission’s chairwoman. “Innovative restructuring can help Shanghai stay at the frontier of China’s fast changes in terms of commercial environment, consumption style and market transformation.”
Responding to China’s strategies of reviving the ancient Silk Road and the maritime Silk Road, Shanghai will encourage outbound direct investment, especially to emerging markets along the Silk Road, Shang said.
“The China (Shanghai) Pilot Free Trade Zone will play an active role in bolstering the city’s outbound investment,” she said.
Last year, Shanghai invested US$12.3 billion in overseas markets, equal to the total in the previous four years, according to the commission.
Shanghai is expected to keep commodity trade growth at 5 percent, and service trade growth at 10 percent this year.
In 2014, Shanghai’s commodity trade rose 4.6 percent from a year earlier, stronger than the national average for the first time since 2010 thanks largely to the pilot free trade zone. Retail sales are expected to increase 8 percent this year, compared with 8.7 percent in 2014, and e-commerce will serve as a driving force by rising 20 percent, she said.
In 2014, Shanghai’s contracted foreign direct investment surged 26.8 percent and surpassed the US$30 billion benchmark for the first time in history.
It is expected to sustain growth momentum this year, Shang said.
Forty-five multinational companies chose to locate their regional headquarters in Shanghai last year, taking the total to 490 by December.
Shang said the city will continue to encourage the establishment of regional headquarters by multinational companies this year.
“Shanghai will beef up efforts to make information disclosure more transparent and make the playground level for everyone,” she said.
Shanghai is to participate in the designing of the 2015 negative list, which will be masterminded by the National Development and Reform Commission, and is expected to be implemented in pilot free trade zones in Guangdong, Fujian and Tianjin as well as Shanghai, she said.
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