Foreign-funded enterprises earn record profits in Shanghai
( 2004-01-27 14:56) (Xinhua)
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.
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