Some 30,000 foreign-funded enterprises in China's largest city of Shanghai earned record profits of 43.7 billion yuan (US$5.26 billion) from sales revenue of 720 billion yuan (US$86.7 billion) last year, doubling the amount of three years ago.

Encouraged by the hefty profits and gradually improved environment for investment in the city, foreign enterprises have continuously increased investment there. In 2003 new contracted investment reached US$3.81 billion while a record US$5.85 billion was utilized.

Shanghai now is regarded as a "bridgehead" to enter into the Chinese market for strategic investment by many foreign-funded enterprises.

While gaining profits, the foreign-funded enterprises also madea great contribution to local economic and social development.

Statistics showed that the enterprises reported exports of US$30.8 billion, making up 63.6 per cent of the city's total, and paid 30 billion yuan (US$3.61 billion) in taxes to thelocal government last year, while employing 1.25 million of local staff during the same period.

Close

Today's Top News		Top Business News
+Chirac warns Taiwan of referendum ( 2004-01-27) +Bird flu kills second child in Thailand ( 2004-01-27) +Majority lauds anti-corruption efforts ( 2004-01-27) +34 Americans died in winter storms ( 2004-01-27) +Cairo building collapse kills five ( 2004-01-27)		+Online tax payment system launched in Beijing ( 2004-01-27) +Foreign-funded enterprises earn record profits in Shanghai ( 2004-01-27) +Shrimp producers urged to unite to fight US anti-dumping petition ( 2004-01-27) +Beijing exports more mobile phones to Europe ( 2004-01-26) +Guangzhou raises minimum level of personal taxable income ( 2004-01-26)