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Shanghai sees FDI rise 11% to US$1.03b
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Shanghai’s foreign direct investment in November grew 11 percent from a year earlier to US$1.03 billion, with capital in the city’s service sector surging nearly 62 percent last month, according to the Shanghai Statistics Bureau.
The growth in FDI eased from the increase of 11.5 percent in October but it was much faster than the average gain of 2.35 percent nationally last month.
Funds flowing into the city’s service sector, which accounted for 95 percent of the total FDI value, surged 61.7 percent year on year last month, while capital flowing into the manufacturing sector tumbled 53.3 percent.
Jeffrey Wang, vice president of the Shanghai Foreign Investment Development Board, said earlier that Shanghai’s stable economic growth, its friendly attitude toward foreign investment and the well-regulated business environment have made it a favorable destination for foreign capital.
Shanghai’s economy grew 7.7 percent from a year earlier in the first three quarters, with the output reaching 1.55 trillion yuan (US$255 billion).
Shanghai’s pilot free trade zone has provided foreign investment with new opportunities since its set-up on September 29. By the end of last month, 58 foreign companies had registered in the zone with capital exceeding US$610 million.
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