Foreign investment soars in first quarter
3/4/2003 16:32
Shanghai absorbed US$3.4 billion in contractual foreign investment in
the first three months of this year, 60 percent up year-on-year, according to
data the Shanghai Foreign Trade and Economic Cooperation Commission released
yesterday.
In this quarter, the commission approved 28,724 foreign
investment projects, with a total contractual foreign investment topping US$6.7
billion.
The commission attributed the jump to the rising number of
global manufacturers opening plants here.
Investment in the manufacturing
industry was US$2.1 billion from January to March, nearly 70 percent up compared
with the same period last year.
Investment in the service sector jumped
nearly 50 percent to US$1.3 billion.
Of the newly approved foreign
investment projects this year, those with investment exceeding US$10 million
numbered 108, with a total investment of US$2.4 billion, 80 percent up from the
first quarter of 2002.
Big projects include Volkswagen's additional
investment of US$82 million in its local plant and Hutchison Whampo's joint
venture terminal company with foreign investment of US$92 million.
Local
companies of nine international enterprises, including Kodak (China) Investment
Co. Ltd., have been recognized by the local government as regional
headquarters.
Jane Chen / Shanghai Daily news
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