Shanghai to see 11% growth in foreign investment in 2007

The actual foreign investment in Shanghai is expected to reach US$7.9 billion in 2007, soaring 11% year-on-year, according to the local authorities.

The contractual foreign investment surged 2.03% from the previous year to US$14.869 billion, according to Zhou Bo, head of the Shanghai Municipal Foreign Economic Relations and Trade Commission. In 2007, the total number of the newly approved foreign-funded projects in China was 539, of which 79 were in Shanghai, said Zhou.

According to Zhou, of the total contractual foreign investment, the primary, second and the tertiary industry accounted for 0.25%, 35.28% and 64.47%, respectively.

With real estate factors deducted, the contractual investment of the tertiary industry last year surged 14.32% year-on-year to US$9.59 billion, of which US$2.33 were in the modern service sector, including scientific research, technological support, IT, software, and logistics. In the second industry, the advanced sector including telecom equipment, computers and other electronic equipment, general equipment and medical equipment contributed US$2.39 billion, up 47% year-on-year.