Shanghai’s FDI grows by slow 1.9% in February
Print Edition
FOREIGN direct investment in Shanghai grew 1.9 percent from a year earlier to US$1.31 billion in February, down from the 6.3 percent rise in January, the Shanghai Commission of Commerce said yesterday.
However, the city’s contracted foreign direct investment, or funds in the pipeline, soared 193.4 percent to US$4.78 billion in February, indicating strong growth potential in the following months, according to the commission.
The contracted foreign direct investment which flowed into the China (Shanghai) Pilot Free Trade Zone gained 4.3 times in the first two months.
“The value of contracted foreign investment in the pilot free trade zone accounts for more than half of the city’s total,” the commission said.
It added that the major reason for last month’s moderation of settled foreign direct investment was the different timing of the Chinese New Year holiday, which was in February this year but occurred in January last year.
The FTZ also helped bolster Shanghai’s trade. Exports jumped 31.1 percent to 90.5 billion yuan (US$14.6 billion) in February, while imports fell 5 percent to 101 billion yuan, but they were better than the national average, according to the Shanghai Statistics Bureau.
“The zone has served as a catalyst to the city’s foreign-related businesses,” said Li Maoyu, an analyst with Changjiang Securities Co, adding that the zone’s impact will grow as it has been allowed to increase its area from 28.78 square kilometers to 120.27 square kilometers.
In the first two months of this year, foreign direct investment in Shanghai increased 3.9 percent to US$2.47 billion.
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