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Exports from Shanghai, the nation's economic hub, surged 51.9 per cent year-on-year in the first half of this year to US$33.74 billion, with the momentum expected to continue for at least another six months, said one of the city's top trade officials.

The city's imports hit US$41.74 billion, an increase of 49.9 per cent, during the same period.

"Given the improving world economy, Shanghai's foreign trade will enjoy an optimistic environment in the second half of this year," said Xu Yibo, deputy director of the Shanghai Foreign Economic Relations & Trade Commission.

He predicted that shipments to the United States and Europe will maintain their fast growth, while the Japanese market will take off.

The Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong will largely promote trade between Shanghai and Hong Kong.

"As Shanghai's products continue to improve in terms of quality and technology, exports in the next half of this year will keep growing (as in the first half)," Xu said.

High-tech and mechanical and electrical products are making a greater contribution to the city's exports, a sign of an improving structure.

Foreign-funded enterprises gained a larger share of exports, which contributed to 75 per cent of the new added shipments, according to Xu.

Meanwhile, foreign investment itself increased 15 per cent to US$3.84 billion. But contracted investment only increased 1.26 per cent to US$6.15 billion.

Shanghai now puts more stress on the quality of foreign investment, in addition to its volume, said Xu, who is also the vice-chairman of the Shanghai Foreign Investment Commission.

Among 2,297 foreign investment projects approved in the first six months of this year, 234 projects involve investment of more than US$10 million, accounting for 79 per cent of total investment in terms of volume.

Foreign investment is also entering more sectors and expanding into areas such as advertising, hospitals and renting, where solely-owned entities are being developed.

By the end of June, 281 companies on the Fortune 500 list had established a presence in Shanghai.

Shanghai is home to 71 headquarters and 123 research centers of multinational companies.

And 97 multinationals established an investment arm in Shanghai.

Looking ahead, Xu said Shanghai plans to attract more high-tech projects to improve city's innovative capacity.

The city will also enhance its strategic partnership with multinationals to encourage them to set up manufacturing bases in Shanghai to support the city's pillar industries including autos and information technology.

Xu said the reform of State-owned enterprises also offered great opportunities for foreign investment, as well as private capital.

"We welcome foreign companies to participate in the reform by means of merger and acquisition (M&A)," he said.

There are also increasing M&A activities in Chinese companies' overseas investment, he added.

The Shanghai municipal government has been encouraging local enterprises to expand overseas.

So far, Shanghai has invested more than US$1 billion overseas, about 10 per cent of the country's total.

(China Daily July 28, 2004)