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Shanghai's inflow of overseas investment continues to rise despite uncertainties. During the first quarter of this year, Shanghai saw an influx of US$3.39 billion in contractual overseas investment, up 59.2 percent over the same period year-on-year, according to the latest statistics from the Shanghai Foreign Investment Commission, the city's top overseas investment watchdog.
Liu Jinping, vice-director of the commission, revealed that total overseas investment in the city this year is set to hit US$8.5-9 billion.
"We are expecting foreign capital inflow to top last year's US$10.5 billion, but due to present uncertainties, we are keeping our predictions at a conservative US$9 billion," said Liu.
The city's inflow of overseas investment peaked this month as another 12 projects worth more than US$1.7 billion were clinched on Tuesday.
The commission also revealed yesterday that around 40 new projects in Shanghai are welcoming participation from international businesses this year.
These projects cover infrastructure construction, chemical manufacturing, the electronics and machinery industry, non-ferrous metals and light industry.
The largest project among them, with an estimated total investment of US$200 million, is a deep-water dock project near the city's southern chemical industrial zone.
Zhu Xiaoming, vice-chairman of Shanghai Municipal People's Congress, noted on Tuesday evening, while addressing a group of foreign investors, that Shanghai's economy "is in good shape" and economic prospects for this year remained "exciting."
Jon Frauenfelder, general manager with BOLSO Trading (Shanghai) Co Ltd, a member of the Ikea Group of companies, told China Daily yesterday that local people's attitude toward the disease - severe acute respiratory syndrome (SARS) - was "somewhat overly hysterical."
(China Daily April 10, 2003)
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