Nov 21, 2018 (China Knowledge) - According to statistics released by the Shanghai Municipal Commission of Commerce, Shanghai has attracted 95,000 foreign-funded projects worth USD 237.6 billion since China announced reforms and opening up of its economy.

Shang Yuying of the Shanghai Municipal Commission of Commerce has highlighted the importance of foreign companies in driving Shanghai's economic development, Foreign-funded enterprises in Shanghai have contributed more than 25% of the city's economic output and over 33% of the city's tax revenue in 2017.

More than 50% of these foreign-funded enterprises in Shanghai, when surveyed, have seen China as their most important overseas market. The top 100 foreign-funded companies in Shanghai have reaped in a total revenue of USD 423.5 billion in 2017, up 18.8% from the previous year. Exports and imports by these companies have also reached USD 169.9 billion in the same period, up 9.83% from the previous year.

Deputy secretary-general of the Shanghai municipal government believes that Shanghai is able to further facilitate services for foreign companies as pace of building innovative free trade zones speeds up. 

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