Shanghai contracted FDI offers hope
SHANGHAI’S foreign direct investment that was realized in April slumped 23.4 percent from a year earlier to US$1.3 billion, but contracted foreign direct investment more than doubled, the Shanghai Statistics Bureau said yesterday.
The slump deteriorated from the fall of 0.4 percent in March. “The sharp decline was due to a high comparative base,” the bureau said in a statement. “The growth momentum is expected to stabilize in the coming months.”
But the contracted foreign investment more than doubled last month to US$4.3 billion, indicating that more funds are in the pipeline.
The service sector attracted US$3.6 billion of the contracted investment, or 82.9 percent of the total.
Meanwhile, Shanghai’s trade declined 6 percent to 227.3 billion yuan (US$36.69 billion) in April, with exports shrinking 11.4 percent and imports sliding 1.5 percent.
Exports to the European Union shed 6.6 percent last month, and those to the United States slumped 12.2 percent. Exports to Japan slid 21 percent.
The State Council, China’s Cabinet, released a set of policies, including further cut in income tax for exporters and the promotion of export credit insurance, last month to bolster trade.
Shanghai’s export credit insurance gained 15.2 percent to US$29.6 billion last year, according to the Shanghai Branch of the China Export and Credit Insurance Corp. About 220 companies received US$71.2 million from the insurer. The insurance helped exporters to manage risks against the backdrop of weak external demand and rising payment defaults.
In the first quarter, Shanghai’s export credit insurance grew 8 percent year on year to US$7.2 billion.
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