Xuhui remains attractive to foreign investment
A new batch of foreign and domestic companies signed deals on Tuesday to develop in Shanghai's Xuhui District thanks to its overseas investment promotion efforts this year.
The 20 key projects newly signed span sectors including automobile manufacturing, fashion entertainment, green and low-carbon initiatives, information technology, healthcare, and smart construction.
Companies including Stellantis, Pop Mart, and WeWork China will establish their operations in the downtown district.
Xuhui has maintained a positive trend in attracting investments this year. Global investment promotion events were held in April and August in Singapore, Hong Kong, Germany and Japan.
These overseas promotion efforts have attracted many multi-million and billion-US-dollar key projects to develop in Xuhui, according to the district government.
Xuhui has become one of the most attractive hubs for foreign investment in Shanghai's central urban area. It keeps drawing an increasing number of foreign enterprises from around the world to invest and grow in the district, the district government said.
Currently, the district is home to over 3,400 foreign-invested enterprises, with 119 foreign headquarters and 30 foreign research and development centers, all ranking first in the central urban area.
In 2022, foreign-invested enterprises, accounting for 17 percent of the total number of enterprises in the district, contributed about half of the tax revenue in the whole area.
In the first eight months of 2023, the district received a total of US$1.55 billion in actual foreign investment, a year-on-year increase of 55.12 percent, the district government said.
A new batch of measures for further optimizing the business environment for foreign investment was also launched by the Xuhui government on Tuesday.
The district pledged to enhance the protection of the rights and interests of foreign enterprises. It will leverage Xuhui's advantages in education, healthcare, culture, and more to better meet the needs of talent settlement and children's education, the district government said.
A foreign investment enterprise association and foreign investment and trade promotion center were unveiled in Xuhui after the signing ceremony.
The two new entities aim to further optimize the regional business environment, enhance service levels, and attract and bring together more high-quality foreign investment and trade enterprises.