City still attracting foreign money

A TOTAL of 37 foreign investment projects worth US$3 billion had been signed with the city of Shanghai and district-level governments through new remote platforms as of last month.

In total, more than US$10 billion worth of foreign investment contracts have been signed, both remotely and face-to-face, since the beginning of 2020, more than 60 of which in January.

“The new batches of foreign investment deals have greatly lifted the confidence of foreign business in Shanghai,” said Xue Feng, president of Shanghai Foreign Investment Development Board. “The city will stick to its previous goals and strive to achieve stable development through joint working mechanisms that link online and offline sources.”

Throughout the coronavirus epidemic, authorities in Minhang, Baoshan, Hongqiao and the Pudong New Area have hosted remote contract-signing activities through teleconferencing.

Investment guides and relevant data covering different industrial sectors in the city will soon be released, further enhancing the local investment environment and improving the efficiency of doing business in Shanghai.

In Minhang District, a total of 17.5 billion yuan (US$2.5 billion) worth of investment contracts were signed, more than one-third of which are foreign investment projects.

The city’s commerce commission and investment promotion bodies will work to diversify investment promotion activities under special circumstances to connect with potential foreign investors.

Local and foreign companies have reached agreements on 12 new industrial projects this year with the Lingang authority in the special area of the China (Shanghai) Pilot Free Trade Zone, with total investment of more than 20 billion yuan.

Following the city’s release last month of 28 measures to support businesses during the coronavirus epidemic, the investment promotion board will host online seminars for overseas investors to offer a more comprehensive understanding.