Shanghai's Fengxian district promotes foreign investment

A group of leading foreign-funded enterprises signed investment agreements with the Fengxian district of Shanghai during an investment promotions conference on Feb 17.

They're set to inject new vitality into the economic development of Fengxian, with total capital expenditure of over 10 billion yuan ($1.46 billion).

Fourteen projects – covering such fields as beauty and health, intelligent manufacturing, biomedicines and medical equipment – were signed at the event.

Fengxian District Party Committee Deputy Secretary Yuan Quan, as well as Shanghai Municipal Commission of Commerce chief economist Luo Zhisong delivered speeches.

Yuan said foreign-funded enterprises had been invaluable in their contributions to the economic and social development of Fengxian. He said Shanghai was a key part of the global layout of the industrial production chains, supply chains and innovation chains of multinational corporations.

Foreign-funded enterprises played an important role in supporting the high-quality economic development of Fengxian, he added.

What's more, Yuan invited Fengxian global enterprises to share in the opportunities presented by the new area and in new city construction.

Fengxian would continue to optimize the layout of its resources such as education and medical care. It would create a first-class industrial ecosystem – focused on providing integrated intellectual property public services and would vigorously create a market-oriented, rule-of-law and international first-class business environment, Yuan added.

For his part, Luo Zhisong asserted that foreign investment and foreign trade were key components of Shanghai's open economy, as well as providing important support for its stable growth, stable markets and employment. In 2022 alone, the actual use of foreign capital in the city was $23.9 billion, hitting a record.

At the conference, representatives of top foreign-funded enterprises and institutions – such as Sequoia China and PwC – recounted some of their development experiences in Shanghai.

They all expressed the conviction that Fengxian had created a great business environment and provided top-flight services for enterprises in the long run. They added that they would further deepen their investments in Fengxian and contribute to the first-rate economic development of the region.