FTZ foreign investment up

Foreign companies are increasing their investment in Shanghai's pilot free trade zone and playing a key role in the city's economy, senior officials said last week.

In the first half of this year, 1,016 foreign-funded projects worth US$5.4 billion were launched in the FTZ. The number accounted for nearly half of all foreign-funded projects in the city and nearly 20 percent of projects launched in the zone, according to the Shanghai Commission of Commerce.

"It takes time for foreign companies to analyze the feasibility of investment in the zone," said Zhu Min, vice chairman of the China (Shanghai) Pilot Free Trade Zone Administration. "Now many have completed their observation period and started to take action. With further policy innovation, we expect more foreign companies will turn their eyes toward the zone," Zhu said.