Shanghai continues to attract investment
Print Edition
Shanghai attracted a record amount of foreign investment in 2013, with the pace advancing much faster than the national average — an indication of the city’s lasting attraction for foreign investors.
Foreign direct investment in the city expanded 10.5 percent from a year earlier to US$16.7 billion last year, maintaining growth for a 14th year, the Shanghai Commission of Commerce said yesterday.
Although growth had moderated from 2012’s jump of 20.5 percent, it was much faster than the average national gain of 5.48 percent in the first 11 months of 2013.
“Shanghai has actively adjusted itself to the new conditions amid globalization, with continuous efforts on the improvement of investment climate and optimization of investment structure,” the commission said.
“The city managed a stable foreign investment growth in 2013, attracting investment with better quality and higher value,” it added.
Funds flowing into the city’s strategic industries such as civil aviation, high-end machinery equipment and information technology climbed more than 30 percent last year, official data showed.
Service sector
Meanwhile, foreign investment in service industries made up more than 80 percent of the city’s total FDI, highlighting the city’s enhanced economic focus on the service sector.
By the end of 2013, the city was home to 283 investment companies, 445 regional headquarters of multinational companies and 366 research and development centers.
In the third quarter of 2013, Shanghai’s gross domestic product rose 7.8 percent from a year earlier, up from 7.6 percent in the second quarter and leading other locations during the economic recovery.
Total output in Shanghai amounted to 1.55 trillion yuan (US$255 billion) in the first nine months of last year, up 7.7 percent on an annual basis and better than the yearly target of 7.5 percent.
Shanghai’s pilot free trade zone has provided foreign investors with new opportunities. By the end of November, 58 foreign companies had registered in the zone with capital exceeding US$610 million.
The city’s outbound direct investment surged 32.75 percent last year, compared to the national average of 28.3 percent in the first 11 months.
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