Shanghai FTZ magnet for foreign investment
July 6, 2015 Category Foreign investment, Weekly
The contract value of foreign-funded projects in the Shanghai (China) Pilot Free Trade Zone (FTZ) rose five times from a year ago to USD23.5 billion by the end of May, accounting for 79.1% of the total foreign investment contract value in the city, Shang Yuying, Chairwoman of the Shanghai Commission of Commerce, told a press conference. In the first five months, 1,262 foreign-funded projects were launched in the FTZ, up 48.6% from a year ago. The number of foreign projects jumped 35.4% annually to 2,530 across the city. Financial leasing companies made up 62% of the newly-introduced projects. Starting this year, overseas firms have been allowed to own over 50% of joint ventures in previously restricted industries within the FTZ.
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