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Shanghai to Accelerate Opening up Process

China's entry into the World Trade Organization (WTO) will impact positively on Shanghai, JiangYiren, Shanghai vice mayor said.

"Shanghai will push forward the opening up process in service trade, finance, industry, scientific research and urban construction," He said at a seminar for economists which opened Thursday.

Shanghai will strengthen cooperation with the world in information industry, foreign trade, business, tourism, education and logistics, in order to improve the international competitiveness of the metropolis.

Jiang noted that Shanghai is a favorable place for the headquarters of multinational companies because of its regional advantages, personnel quality and the city's development.

He added that Shanghai is conducting research under the support of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), in order to create a suitable situation for multinationals.

Shanghai will establish four industrial bases reaching international standards. Jiang said that the municipal government will further reform its investment system to attract foreigners toparticipate in infrastructure construction.

Up until now, Shanghai has approved over 25,000 foreign-invested businesses, and 325 of the world's top 500 enterprises now have made their presence in Shanghai.

Jiang promised that Shanghai will do its best to create a more favorable living environment for foreign investors.

(eastday.com March 1, 2002)

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