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Overseas-funded firms in Shanghai, including those with investment from Hong Kong, Taiwan and Macao, recorded a 21.9 percent growth in profits during the first 11 months of last year, Shanghai Vice-Mayor Jiang Yiren said Tuesday.
The profits posted by the companies stood at 28.4 billion yuan (US$3.46 billion), while their tax take totaled 23.7 billion yuan (US$2.89 billion), up 23.5 percent.
Shanghai, the biggest industrial city in China, absorbed US$10.5 billion in contractual investment from outside the Chinese mainland, and five billion US dollars in actual investmentin 2002, up 43 percent and 14 percent respectively.
The city attracted US$34.2 billion in overseas contractual investment from outside the Chinese mainland from 1998to 2002.
Jiang said Shanghai was expected to use more overseas investment over the next five years, in which 40 billion US dollars in contractual investment was predicted.
Good investment returns, an improved investment environment and an increasingly open market in Shanghai had contributed to the rise in overseas investment flowing into the city, said Jiang.
(Xinhua News Agency January 16, 2003)
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