Shanghai remains attractive to foreign investment

Photo taken on Jan. 7, 2020 shows China-produced sedans at Tesla's gigafactory in Shanghai, east China. (Xinhua/Ding Ting)

SHANGHAI, May 24 (Xinhua) -- As China's economy continues to recover rapidly, the country's financial hub Shanghai remains attractive to foreign investment.

The total foreign direct investment (FDI) into Shanghai rose 20.3 percent year on year to 7.77 billion U.S. dollars in the first four months of 2021, the municipal government said on Monday.

During the period, 20 regional headquarters of foreign-funded multinational companies were established, raising the total to 791 in Shanghai. Seven foreign-funded research and development (R&D) centers were established in the same period, raising Shanghai's total to 488.

Shanghai will continue to unswervingly promote all-round opening up and improve its business environment to support foreign enterprises in achieving greater and better development in Shanghai, Zong Ming, vice mayor of Shanghai, told a ceremony on Monday.

The Shanghai municipal government held the ceremony to issue certificates to regional headquarters and R&D centers of multinational companies. The participating companies were mainly in advanced industries such as biomedicine, smart manufacturing and high-end services.

At the ceremony, leading lubricant manufacturer Fuchs, headquartered in Germany, received certification for its R&D center in Shanghai.

The company currently has three R&D centers globally. Its center in Shanghai focuses on developing clean energy and improving energy efficiency.

"The automobile market is increasing in China and the demand is changing from the traditional combustion engine to the electric engine," said Kris Van Gasse, CTO of Fuchs Lubricants (China) Ltd.

To cater to market demand, Fuchs has developed product lines in China such as BluEV for new-energy automobiles, and established cooperation with Chinese carmakers such as Geely and Chery. Enditem