Shanghai sees FDI jump 14.2%
FOREIGN direct investment in Shanghai grew 14.2 percent from a year earlier to US$1.65 billion in March, up from an 8.5 percent increase in February, the Shanghai Statistics Bureau said yesterday.
The rise in the city’s FDI indicated foreign investors’ confidence in the local business conditions. The gain also contrasted with the 1.47 percent decline in FDI in China.
Xue Jun, an economist at CITIC Securities Co, attributed the rise in FDI to Shanghai’s stable economic performance and its great growth potential.
Foreign investment in the city’s service sector, which accounted for 90 percent of total FDI, rose 11.7 percent last month, while investment in the manufacturing sector dropped 24.9 percent, the bureau said.
Since the start of this year, Shanghai’s economic activities have exceeded the national average.
In March, Shanghai’s trade gained 5.7 percent year on year, with exports rising 1.1 percent and imports jumping 9.5 percent. China’s trade, on the other hand, lost 9 percent last month as both exports and imports fell on weak demand.
In the first quarter, Shanghai’s fixed-asset investment grew 6.5 percent to 106.5 billion yuan (US$17.1 billion), according to the bureau. The investment in property development rose 9.3 percent to 62.8 billion yuan.
By the end of last year, the city hosted 283 foreign investment firms, 445 regional headquarters of multinational companies and 366 research and development centers.
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