China's industrial and commercial hub of Shanghai Municipality expects to see a rise of 10 percent in overseas investment this year.

Pan Longqing, director of Shanghai Municipal Commission of Commerce, said it was hoped that the inflow of overseas investment into the city would hit 6.5 billion yuan this year, and contractual overseas investment would rise by 10 percent to US$12.1 billion.

It is also expected that the number of regional headquarters of multinationals, investment companies, and research and development centers in the city would rise by 20, 12 and 20 respectively in the new year, said Pan.

Last year, the city approved the establishment of 4,321 new investment projects, and had an inflow of US$5.85 billion worth of overseas investment, up 30.1 percent from 2002, and its contractual overseas investment shot to US$11.06 billion, up 23.5 percent.

The city is home to 53 regional headquarters of multinationals. It has also approved 92 investment companies and over 90 research and development organizations.
 
(Xinhua News Agency February 5, 2004)