Foreign-funded enterprises in Shanghai see slowdown

Conditions of foreign-funded enterprises in Shanghai have deteriorated in the past four months amid the global financial crisis, according to Xinhua news.

In the first 11 months of 2008, operating income of those enterprises jumped 17.7 percent and their profit rose 9 percent, significantly lower than last year's 25.8 percent and 67.6 percent respectively.

Foreign-funded enterprises have been an important part of the city's economy. They contributed 140.1 billion yuan of tax revenue in 2007, about 19.2 percent of the total. They employed about 2.94 million people, accounting for 32 percent of all employees.