Shanghai - Foreign investors have increased their investments in Shanghai, giving a solid vote of confidence to China's market potential and further opening-up despite a background of global economic uncertainties.
The country's financial and business center reported an actual use of foreign investment of USD11.45 billion in the January-July period of 2019, up 13.8 percent year-on-year, the Shanghai Municipal Commission of Commerce said.
During the period, a total of 4,105 foreign-funded projects were established, up 58.3 percent over the same period in 2018.
The new policies pledge more free capital flows and intellectual property rights protection for the regional headquarters of multinational corporations, said Yang Chao, deputy director of the municipal commission of commerce.
Covestro, a global chemicals giant that has been in China for nearly 20 years, is planning to upgrade its China headquarters in Shanghai to its Asia-Pacific headquarters.
Holly Lei, president of Covestro China, said after the move, the company could better coordinate global resources to grow together with China.
Investments from the European Union, Singapore, Japan and countries included in the Belt and Road Initiative all grew at double-digit rates in the first half and the investment structure is being optimized, said Hua Yuan, director of the municipal commission of commerce.
The high-tech service industry reported an actual use of foreign investment of USD1.7 billion in the first six months, posting a hefty annual growth of 29.6 percent, said Hua.
A series of opening-up measures in multiple fields and industries and the improving business environment has ramped up foreign investment interests in China.
Shanghai has also rolled out a series of policies to further open the service industry to foreign investors and promote the development of regional headquarters of multinational corporations.
Source: China daily
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