As heavy-weight multinationals strive to enlarge their investment in the Pudong New District of Shanghai, the east China's metropolis, local software parks, bonded areas and industrial belts vie to expand their land area to meet the growing demand.
Pudong Software Park has decided to triple its land area to 90, 000 square meters.
Due to the limited land area, only 49 companies have moved their office buildings into the Park, although over 700 companies from both home and abroad have registered since the park was put into use.
With China's WTO entry approaching, a new round of overseas business invitations is brewing. Pudong New District was opened up in April 1990, with the mission of rejuvenating Shanghai's status as an international financial and trade center.
After years of joint efforts by the central and local governments, the 350-sq-km new district has become one of the most attractive foreign investment zones in the country.
Sources say that the year 2001 may see the total additional investment of overseas companies in Pudong climb to US$800 million to 1 billion.
With an investment amount of US$300 million, IBM ranks first in all overseas companies who have announced their investment budgets.
To seize the opportunity, the Pudong Micro-electronic Industrial Belt aims to build at least 10 chip production lines by 2005, with its production value reaching 100 billion yuan. By 2010, the number of production lines will be 30 to 40.
The urgency to expand has also been felt by the Waigaoqiao Bonded Area, where a 1.12-sq-km land expansion project has just passed acceptance check, totaling its area under Customs inspection to 7.52 sq km.
(People’s Daily 08/13/2001)
