Shanghai Mayor Xu Kuangdi described the plans as part of the city's effort to open wider to the outside world after China's entry into the World Trade Organization (WTO).

"We're willing to work with more overseas investors to promote mutually beneficial economic cooperation," Xu made the statement while addressing a forum with the theme Adaptation and Involvement: WTO and Developing Economies during the ongoing Shanghai International Industrial Fair.

Overseas funds will mainly be directed to high-tech and value-added industries, Xu said, listing the Zhangjiang Integrated Circuit and Micro-electronic Industrial Base, the Shanghai Chemical Industrial Zone, the Shanghai International Automotive City, and the Baogang Refined Steel Base as the major investment projects.

Shanghai will also open wider its service industry, including the insurance and securities sectors. And overseas investors will be allowed to take part in the construction of such infrastructure facilities as deep-water berths and railways, suburban towns, water sewage and environmental protection projects, according to the forum.

Among those attending the forum were WTO Director- general-elect Supachai Panitchpakdi, and Long Yongtu, China's chief negotiator for WTO-related talks.

(Xinhua News Agency November 26, 2001)