| During 2004, 4334 new foreign invested projects were approved in Shanghai . U$ 11.69billion of contractual foreign capital was attracted, up 12.6% over the previous year; actually contributed foreign capital amounted to US$6.54 billion, increasing 11.8%. The main features of foreign investment attraction in 2004 were as follows:
Firstly, large-scale projects occupied a bigger share: Projects with investment over US$10million took up 73.1% of the total contractual foreign capital. Secondly, functional investments kept increasing. 30 MNCs regional headquarters, 15 holding companies and 34 R&D centres were certified during 2004. Thirdly, foreign investments in the service industry were expanded, accounting for 39.1% of the total contractual foreign capital.
According to the "Conspectus for Accelerating Shanghai's Modern Service Industry": we will focus on six key areas, i.e. modem logistics and water transportation service, finance, exhibition and tourism, information service, cultural service and professional service. We will give full play to Pudong's advantage as a pilot area, further encouraging foreign investment in financial field. We will earnestly implement the CEPA treaty and strengthen cooperation between Shanghai and HK in an all-round way.
We will merge the foreign investment attraction with the promotion of adjusting and upgrading industry structure more effectively by attracting advanced manufacturing projects which have a high industry-linkage, enjoy high technology and benefit to Shanghai 's industry plan. We will make great efforts to develop the headquarter-driven economy so as to develop Shanghai into a concentration of manufacture bases, regional headquarters, R&D centers, management centers and procurement centers of MNCs. We encourage those international labor-contracting projects. We should further raise the efficiency of land utilization, push forward the state-level Economic and Technology Development Zone and encourage foreign manufacturing projects to be concentrated in industry parks upon municipal level.
All projects, no matter large or small, are always welcome as long as they are Positive to Shanghai 's development.
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