Shanghai Holds Signing Ceremony for 38 Foreign-Funded Projects Totaling USD7.1 Billion
Dou Shicong
/SOURCE : yicai
Shanghai Holds Signing Ceremony for 38 Foreign-Funded Projects Totaling USD7.1 Billion

(Yicai Global) May 30 -- Shanghai held a signing ceremony for 38 foreign-funded projects today with a total investment of CNY49.2 billion (USD7.1 billion), state-backed outlet The Paper reported. 

The projects include China's first foreign-controlled insurer founded by German giant Allianz with an investment of CNY10 billion and the country's first foreign-controlled securities firm to be set by the New York-based JP Morgan Chase with CNY800 million (USD116 million).

Other renowned investors include German chemicals giant BASF, French automaker Groupe PSA, Swiss petrochemicals company Ineos, US chocolate maker Hershey's and Japanese convenience store chain Lawson.

This year has seen the introduction of foreign capital in the city on a steadily rising scale, the Shanghai Commerce Commission said at the ceremony.

Shanghai witnessed 52.3 percent more new foreign-funded projects annually in the first four months at 2,051. Contract foreign investment and actual foreign investment both increased by a little over one-fifth to USD17.6 billion and USD6.2 billion, respectively. 

Some 13 multinationals have set up new regional headquarters in the city in the period, bringing the total to 683. There were also seven new Asia-Pacific bases and six research and development centers set up bringing the totals to 95 and 447, respectively.

Editor: William Clegg

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Keywords: Shanghai , JP Morgan , Allianz