Official statistics indicate that the 15,000-strong overseas-funded businesses in operation in this metropolis generated 10.36 billion yuan in profits last year, an increase of 45.4 percent from the previous year.

An official with the Shanghai Municipal Overseas Investment Working Committee said that overseas investors earned even more profit during the first 10 months this year.

The total amount of profit of overseas-funded enterprises in Shanghai from 1996 to 2000 may be up to 59 billion yuan, the official said.

Analysts attributed the good performance to an improving business environment in the city.

By October, Shanghai had approved the establishment of 22,000 overseas-funded businesses, with a combined contractual overseas investment of US$43.5 billion.

Investors from about 90 foreign countries and regions, such as the United States, Britain, Germany, Japan and France, have subsidiaries in the city.

(Xinhua 11/16/2000)