Shanghai a hot spot for foreign investment

Twelve foreign-invested projects worth 23.4 billion yuan in total are signed in Shanghai on Oct 27. [Photo/chinanews.com]

Twelve foreign-invested projects worth 23.4 billion yuan ($3.37 billion) are coming to Shanghai, according to deals signed on Oct 27.

Investors of those projects are leading foreign enterprises including US-based General Motors, French sporting goods retailer Decathlon, Japanese electronic equipment manufacturer Omron, Danish toy maker Lego, and Swiss industrial conglomerate ABB Group.

The arrival of such a large number of projects indicates the city's attractiveness to foreign investors who are attracted by its preferential policies and good business environment.

Shanghai is dedicated to creating a legal, international, and convenient business environment by simplifying administrative procedures, launching various favorable policies, and providing considerate and comprehensive services.

The city is also opening wider doors to the outside world. At the upcoming China International Import Expo, to take place in Shanghai from Nov 5 to 10, high-quality products and services from all over the world will be presented to show the benefits of the globalization of trade.

Many foreign enterprises considered their expansion in China as a win-win strategy. Ulrich Spiesshofer, CEO of ABB Group, said that the country's strategies of industrial upgrading and transformation, urbanization, and the Belt and Road Initiative are conducive to enterprises' development.

Shanghai has become a hub for advanced technology and an active artificial intelligence center, and ABB will contribute to its industry, energy, transportation, and infrastructure, added Spiesshofer.

Zhou Hong, general manager of Shanghai Roche Pharmaceuticals Ltd, said the company will increase investment in R&D in China to develop more new drugs to benefit more patients.

This year, Shanghai has maintained a good momentum in foreign investment attraction. Statistics provided by the Shanghai Municipal Commerce Commission show that the first three quarters witnessed the increase of foreign-invested projects and contractual foreign investments, with the former rising 17.8 percent year on year to 3,704, and the latter rising 20.4 percent to $33.6 billion.