"Shanghai has set a new record in drawing foreign investment this year," said Liu Jinping, deputy director of the Shanghai Foreign Investment Committee, at the on-going 2002 Multinational Annexing and Purchasing Symposium which opened in Shanghai on Saturday.

Statistics show that, Shanghai municipality has, over the past 10 months, approved contracts for 2,624 foreign-invested projects, an increase of 28.6 percent over the same period last year. As of the end of October, Shanghai had signed and approved contracts for 27,352 projects involving capital from overseas capital and attracted US$61.905 billion in foreign investment.

Overseas investment in the manufacturing and service industries has risen steadily, according to statistics.

The drastic increase in foreign investment can be attributed to the rewarding profits and good performances of the foreign enterprises in Shanghai, said Liu.

(eastday.com November 24, 2002)