Shanghai’s foreign trade grew steadily in November while foreign direct investment soared, indicating further progress in the opening-up of the city’s economy.
FDI in the city soared 150 percent to US$7.52 billion in November to touch a new high this year in both year-on-year growth rate and value, according to Shanghai Statistics Bureau.
The number of FDI projects in the city jumped 20.3 percent to 326 last month from a year earlier, the bureau said.
They included 78 Sino-foreign joint-venture projects whose contract value rose 7.9 times to US$1.73 billion, while that of wholly foreign-owned projects added 1.6 times to US$5.72 billion.
The contract value of FDI in the tertiary sector grew 3.6 times to US$7.29 billion, taking up 96.9 percent of the city’s total.
The contract value of the leasing and commercial service industries expanded strongly by 8.8 times in November.
Meanwhile, Shanghai’s foreign trade rose 3.6 percent from a year earlier to 291.61 billion yuan (US$44.6 billion) last month, a sharp slowdown from a 17.5 percent leap in November last year, according to the bureau.
Imports added 6.3 percent from a year earlier to 175.77 billion yuan while exports dipped 0.2 percent to 115.84 billion yuan.
Exports by state-owned enterprises in Shanghai tumbled 24.9 percent from the same month of last year to 10.42 billion yuan, and imports fell 26.8 percent to 27.88 billion yuan.
Imports and exports of privately owned companies grew more than 10 percent.