BUSINESS Shanghai's FDI inflow up 5.9 pct in Jan.-Aug.

BUSINESS

Shanghai's FDI inflow up 5.9 pct in Jan.-Aug.

Xinhua

14:47, October 08, 2020

SHANGHAI, Oct. 8 (Xinhua) - Foreign direct investment (FDI) into Shanghai, in actual use, grew 5.9 percent year on year to 13.88 billion U.S. dollars in the first eight months of this year, local authorities said.

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(File photo: CFP)

Foreign investment in the tertiary industry came in at 13.06 billion U.S. dollars, up 12.9 percent year on year during January to August, accounting for 94.1 percent of the city's total FDI over the eight-month period, according to the city's statistics bureau.

Investment in information transimission, software and IT service sector surged by 110 percent to 3.22 billion U.S. dollars in the first eight months.

Wholly foreign-owned enterprises were major sources of the city's FDI, the bureau said, noting that their investments totaled 11.64 billion U.S. dollars during the January-August period, accounting for 83.8 percent of the city's total.

A total of 3,115 new wholly foreign-owned enterprises were established in Shanghai during the period.

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