BUSINESS Shanghai attracts 95,000 foreign-funded projects since reform and opening up

BUSINESS

Shanghai attracts 95,000 foreign-funded projects since reform and opening up

Xinhua

00:28, November 21, 2018

SHANGHAI, Nov. 20 (Xinhua) - Shanghai has attracted 95,000 foreign-funded projects since China's reform and opening up, with a total foreign investment of 237.6 billion U.S. dollars, official data showed Tuesday.

VCG111177035981.jpg

(File Photo: VCG)

According to statistics released by the Shanghai Municipal Commission of Commerce, the top 100 foreign-funded companies in Shanghai had total revenues of nearly 2.94 trillion yuan (423.5 billion U.S. dollars) in 2017, up 18.8 percent over the previous year. Their exports and imports reached 169.9 billion U.S. dollars last year, up 9.83 percent.

"Foreign companies have become engines of Shanghai's economic development," said Shang Yuying with the Shanghai Municipal Commission of Commerce. "They are also essential to the city's industrial restructuring, and scientific and technological innovation."

In 2017, foreign-funded enterprises in Shanghai contributed more than a quarter of the city's economic output and over one-third of the city's tax revenue. Surveys also indicate that more than half of them see China as the most important overseas market.

"Shanghai will pick up its pace in building innovative free trade zones and further facilitate its service for foreign companies," said Ma Chunlei, deputy secretary-general of the Shanghai municipal government. "Shanghai always welcomes companies from all over the world to start their businesses here."

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue