The bonded area of the China (Shanghai) Pilot Free Trade Zone recently introduced five foreign-funded projects at a signing ceremony between Shanghai and foreign enterprises.

A total of 60 foreign-funded projects worth $7.3 billion were signed in Shanghai, five of which were located in the bonded area of the Shanghai Pilot Free Trade Zone. The signing ceremony was attended by Ying Yong, mayor of Shanghai.

The five projects are to be carried out by Wyeth (Shanghai) Holding Company Limited, Corteva Agriscience (Shanghai) Co Ltd, Agfa Healthcare (Shanghai) Co Ltd, Simens Energy Co Ltd, and Allergan (Shanghai).

The bonded area of the Shanghai FTZ has recently been making efforts to optimize its business environment, which is important for attracting foreign investment.

At the beginning of the new year, the bonded area held a meeting of representatives from a number of companies to listen to their needs and suggestions.

In 2019, 361 foreign-funded companies set up operations in the area, and it received $2.67 billion in actual foreign investment.

The area received $4.8 billion in contractual foreign investment, an increase of 13.1 percent year on year. By the end of 2019, the number of companies based in the bonded area had reached 106, 12 more than that in 2018.

All indicators suggest that the bonded area of the Shanghai FTZ remains a hot spot for global investment.

Moving forward, the area plans to continue its efforts to optimize its business climate and conform to global standards.