Shanghai Daily news

Sound fundamentals and attractive growth rates have helped lure both domestic and international investors to Jiading District.
About one foreign enterprise and 80 private firms each day have registered in the district last year, according to district government officials.
The new statistics show more than 2,400 wholly owned overseas companies have established operations in Jiading with a total investment of more than US$10 billion by the end of last year. And the district now has more than 70,000 private business firms, accounting for 18 percent of the city's total.
Last year, the district snared US$2.7 billion in contracted overseas investment, up 30 percent year-on-year. Japan, South Korea and China's Taiwan were the biggest investors. The projects mainly concentrated on automobiles, machinery and electronics.
Eying the district's quick development and favorable business environment, overseas investors have rushed to gain a share of the spoils in the expanding Chinese market. So much so that Jiading now stresses the quality of investment, in addition to how much, according to district government officials.
Among the overseas projects approved last year, 70 projects involve an investment of more than US$10 million. Four companies on the Fortune 500 list established a presence in the district, including Siemens VDO Electric Motor (Shanghai) Co Ltd and Toyota Motor Technical Research and Service (Shanghai) Co Ltd.
According to district government officials, nearly half of the district's foreign companies have been attracted due to existing overseas businesses.
For instance, the Shanghai Universal Industry Co Ltd, a hardware tool manufacturer with investment from Taiwan, helped attract four overseas companies.
Entrepreneurs in the district have been called on by the district government to attract overseas investment. Last year, the government appointed 31 entrepreneurs from around the world as business ambassadors to the district.
Many have made significant contributions to the district's economy and are keen on attracting more customers.
Chen Yi, a district government official, says: " We have found business ambassadors are an efficient way to lure more firms. Investors trust their opinions about the district's investment environment."
Also, the government's "needed service" has benefited many Jiading businesses. The local government offers assistance whenever an enterprise requests it. And to help overseas companies solve practical problems, the district holds frequent conferences where ideas are exchanged and advice offered.
At a recent conference, 10 overseas firms raised problems. They all received satisfactory answers from related government departments.
In addition to overseas investment, Jiading is witnessing high speed growth in the private sector - nearly 33,000 private enterprises have registered in the district last year, up 50 percent year-on-year.
The private sector accounted for 4.8 billion yuan (US$578.31 million) in tax revenue last year, or 52 percent of the district's total.
Private firms in the district also created about 60,000 jobs last year.