In a drive
of reform and opening up, the first Chinese-foreign joint venture in Qingpu,
“Shanghai ACE Packet and Carton Co. Ltd.”, was set up in February, 1985. It
marked that Qingpu began to develop an export-oriented economy. Since then a
large number of foreign businessmen visited and invested in Qingpu. The quantity
of the foreign-funded enterprises and the volume of investment increased year by
year. Some of them were funded by well-known transnational corporations, such
as: Dupont Fiber (China) Co. Ltd. set up by American Dupont; Huayuan Nylon Co,
Ltd. by German BASF; Shanghai Minebea Precision Mechanical and Electrical Co.
Ltd. by Japanese Minebea; Shanghai ChiPAC Co. Ltd. by American ChiPAC,
etc.
At
the end of 2002 there were all 1685 foreign-funded companies including
foreign-owned enterprise, Chinese-foreign joint venture and Chinese-foreign
cooperative venture in Qingpu. The total investment reached US$ 6.568b, among
which contracted foreign funds took US$ 5.212b.
Foreign investment
promoted Qingpu’s economy, optimized the industrial structure and promoted the
foreign trading of Qingpu. With the growth of foreign-funded enterprises,
Qingpu’s foreign trade and export is increasing every year.
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