Shanghai Municipality expects to double its investment volume
abroad in the next four years, local trade authorities said on
Friday.
According to the blueprint for the city's foreign trade during
the Eleventh Five Year Plan Period (2006-2010), released Friday by
the Shanghai Municipal Commission of Foreign Trade and Economic
Cooperation, the city's investment abroad will reach US$3.5 billion
by the end of 2010, double the figure for the Tenth Five Year Plan
Period (2001-2005).
In 2000 the municipal government began a campaign to encourage
local firms to expand overseas.
In 2006, Shanghai launched 75 investment projects abroad, worth
US$530 million, mainly involving Shanghai companies.
So far, more than 700 local companies have set up joint-ventures
or business offices in 96 countries and regions worldwide.
Shanghai will encourage more local companies to enter
international market and pour investment into a variety of sectors
such as the energy industry, infrastructure construction, high-tech
development, wholesale-retail networks and machining
businesses.
(Xinhua News Agency February 10, 2007)