Investors from home and abroad and authorities from the Shanghai International Automobile City signed deals worth 4.5 billion yuan (US$548 million) on trade and production of car parts at a recent local fair inviting investment, local officials said.
Shanghai began building the automobile city in a suburb in September 2001 in a move to encourage research, production and trading of cars and car parts.
Earlier, the local government signed deals with car part manufacturers worth 5 billion yuan (US$609 million).
Jiang Yiren, vice-mayor of Shanghai and in charge of the construction of the automobile city, said Shanghai plans to attract a total of 50 billion yuan (US$6.09 billion) of investment in the coming five years for the automobile city.
A 2.4 sq. km area is being developed for the project.
(People's Daily November 10, 2002)