07/16/2019 | News release | Distributed by Public on 07/15/2019 20:03
Shanghai has seen steady growth in attracting foreign capital in the first half of the year, with a significant rise in the number of new foreign-capital projects.
From January to June, 3,247 new foreign-investment projects were launched, up by 49.2 percent from a year earlier.
The contract value of foreign investment totaled US$22.863 billion, up 6.3 percent year on year, while the actual foreign investment value added up to US$9.754 billion, an increase of 13.9 percent from the same period last year, according to the Shanghai Commission of Commerce.
Shanghai has taken the lead in implementing China's reform and opening-up policy, the major driving force in attracting foreign investment, the commission said.
The city has put into practice a negative list policy, making good use of the spill-over effect of the China International Import Expo, and implemented measures to reduce taxes and fees.
The city has seen a batch of landmark projects, including the establishment of Tesla's Gigafactory 3, Allianz (China) Insurance Holding Co Ltd as the first foreign-owned insurance company in China, and JP Morgan Securities (China) Co Ltd as China's first foreign-controlled securities firm.
By the end of June, a total of 2,998 enterprises had been set up, supported by 54 measures on expanding the opening of the Shanghai Pilot Free Trade Zone. In the first half of the year, foreign investment in the Pudong New Area totaled US$4.221 billion, accounting for more than 40 percent of the city's overall figure.
Xuhui, Jiading, Fengxian, Songjiang, Jinshan, Yangpu, Changning and Putuo districts all posted foreign investment growth of more than 10 percent year on year. The city has laid great emphasis on improving the business environment, which also bolstered the steady growth of the foreign investment.
At the beginning of the year, Shanghai issued an implementation plan on further enhancing the city's business environment. Compared with last year, the time limit for the examination and approval of administrative matters and the number of materials required have both been reduced by 50 percent on average.
The commission said that Shanghai has more supportive policies on expanding the opening-up and using foreign capital, which 'will definitely play a positive role in promoting foreign investment in the city.'
'The actual foreign investment in Shanghai will maintain the steady growth and the city will become the first choice for global investments,' the bureau said in its report.