Multinationals enamored of Shanghais Pudong district Pudong, Shanghais, district, enamored

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Multinationals enamored of Shanghai's Pudong district

　

Early before world media focused their attention on this east China municipality,where theNinth Asia-Pacific Economic Cooperation Economic Leaders Meeting was held successfully,global companies like Intel,GE and Bell had already been attracted to the city's economic nerve center,Pudong New District.

　　Located in the eastern part of Shanghai and with a population of some 1.5million in an area of 522square kilometers,Pudong has won global capital's trust because of its continuous development momentum.

　　Since its establishment 11years ago,the district has introduced more than 7,000foreign investment projects from nearly70countries and regions,with total investment hitting USbillion.

　　Overseas-funded enterprises have contributed more than 50percent to the district's gross domestic product,revenue and exports.

　　As Japan,the European Union and the United States witnessed a lingering downturn in economy and reports of dwindling investment were rife earlier this year,Pudong saw rises in both export valueand the use of foreign funds from January to August.

　　During this period,557foreign-funded projects were approved,up 25percent on an annual basis;and they involved a contractual foreign investment of US.3billion,up 73percent yearon year.

　　Last month,Intel announced a plan to spendUSmillion expanding its chip production line in Pudong.

　　Chen Junsheng,vice-president of Intel,said,"The enlarged investment of Intel not only represents its satisfaction with its past performance in Pudong,but also indicates its hopes to betteravail itself of the district's advantages in future."

　　Of the world's top 500multinationals,146have invested in more than 200projects in Pudong.Twenty-five of the multinationals have moved their regional headquarters in the district and established a number of technological development organizations and trading companies there.

　　Over the past two years,foreign-funded enterprises in Pudong have kept increasing investment,with the additional investment accounting for nearly 40percent of the district's total foreign funds.

　　Besides,some 600investment companies have swarmedsintosPudong,with operating capital totaling 100billion yuan (about US.05billion).

　　The latest survey by the Fortune magazine revealed that 92percent of multinationals are prepared to set up business headquarters in China,and 25percent of them favor Pudong.

　　Among the elements which make a large corporation decided to invest in China are its potential for long-term development,legalenvironment,work efficiency and to what extent it can follow international practices.

　　Pudong,widely recognized as a key bridge connecting the domestic and international markets,has long served as the nation's vanguard for joining global competition.

　　With comprehensive advantages in geography,infrastructure,investment environment and human resources,experts predict,Pudong will replace Hong Kong and Singapore in 10years as the preferred place for multinationals to set up their Asia-Pacific headquarters.

　　To realize this goal and meet the challenges posed by China's entrysintosthe World Trade Organization,Pudong has taken the leadin Shanghai in reforming its examination and approval procedures for foreign-invested projects by cutting unnecessary formalities,allowing direct registration of enterprises with the relevant authorities,slashing red tape and guaranteeing a low-cost investment environment stressing fair play.

　　Pudong has also mapped out eight preferential policies to encourage foreign-funded production companies and investment institutions.

　　Zhou Yupeng,vice-mayor of Shanghai,said that Pudong will strive to become China's leading economic center,especially in the fields of enterprise management,cost control,capital management and technical innovation.

　　Zhou said Pudong will redouble its efforts to improve the service industry by developing diversified financial services,modernizing its distribution sector and boosting consultation business,so as to create a better investment environment for bothglobal and domestic capital.

　　Early before world media focused their attention on this east China municipality,where theNinth Asia-Pacific Economic Cooperation Economic Leaders Meeting was held successfully,global companies like Intel,GE and Bell had already been attracted to the city's economic nerve center,Pudong New District.

　　Located in the eastern part of Shanghai and with a population of some 1.5million in an area of 522square kilometers,Pudong has won global capital's trust because of its continuous development momentum.

　　Since its establishment 11years ago,the district has introduced more than 7,000foreign investment projects from nearly70countries and regions,with total investment hitting USbillion.

　　Overseas-funded enterprises have contributed more than 50percent to the district's gross domestic product,revenue and exports.

　　As Japan,the European Union and the United States witnessed a lingering downturn in economy and reports of dwindling investment were rife earlier this year,Pudong saw rises in both export valueand the use of foreign funds from January to August.

　　During this period,557foreign-funded projects were approved,up 25percent on an annual basis;and they involved a contractual foreign investment of US.3billion,up 73percent yearon year.

　　Last month,Intel announced a plan to spendUSmillion expanding its chip production line in Pudong.

　　Chen Junsheng,vice-president of Intel,said,"The enlarged investment of Intel not only represents its satisfaction with its past performance in Pudong,but also indicates its hopes to betteravail itself of the district's advantages in future."

　　Of the world's top 500multinationals,146have invested in more than 200projects in Pudong.Twenty-five of the multinationals have moved their regional headquarters in the district and established a number of technological development organizations and trading companies there.

　　Over the past two years,foreign-funded enterprises in Pudong have kept increasing investment,with the additional investment accounting for nearly 40percent of the district's total foreign funds.

　　Besides,some 600investment companies have swarmedsintosPudong,with operating capital totaling 100billion yuan (about US.05billion).

　　The latest survey by the Fortune magazine revealed that 92percent of multinationals are prepared to set up business headquarters in China,and 25percent of them favor Pudong.

　　Among the elements which make a large corporation decided to invest in China are its potential for long-term development,legalenvironment,work efficiency and to what extent it can follow international practices.

　　Pudong,widely recognized as a key bridge connecting the domestic and international markets,has long served as the nation's vanguard for joining global competition.

　　With comprehensive advantages in geography,infrastructure,investment environment and human resources,experts predict,Pudong will replace Hong Kong and Singapore in 10years as the preferred place for multinationals to set up their Asia-Pacific headquarters.

　　To realize this goal and meet the challenges posed by China's entrysintosthe World Trade Organization,Pudong has taken the leadin Shanghai in reforming its examination and approval procedures for foreign-invested projects by cutting unnecessary formalities,allowing direct registration of enterprises with the relevant authorities,slashing red tape and guaranteeing a low-cost investment environment stressing fair play.

　　Pudong has also mapped out eight preferential policies to encourage foreign-funded production companies and investment institutions.

　　Zhou Yupeng,vice-mayor of Shanghai,said that Pudong will strive to become China's leading economic center,especially in the fields of enterprise management,cost control,capital management and technical innovation.

　　Zhou said Pudong will redouble its efforts to improve the service industry by developing diversified financial services,modernizing its distribution sector and boosting consultation business,so as to create a better investment environment for bothglobal and domestic capital.