Despite the disruption of the COVID-19 pandemic, the foreign direct investment in Pudong New Area in East China's Shanghai surpassed $4.25 billion in the first five months of the year, and nine multinational corporations (MNCs) set up their regional headquarters in the area, bringing the total number to 398, according to official data.

The largest automaker in the United States, General Motors, demonstrated its faith in the long-term expansion of the largest vehicle market by signing an agreement with Pudong on June 30 with an expected investment of $100 million for GM's premium import business.

The pandemic brought about temporary difficulties and challenges, and the local government implemented a plethora of supportive measures to aid businesses and enterprises in resuming operations as soon as possible. This helped to stabilize the overall economic outlook and market confidence, making the region more appealing to foreign investors.

Zhou Mintao, president of Danaher Greater China, said that Chinese market has a strong magnetic effect on global investors, and is attractive for businesses and innovators from around the world.

The foreign direct investment in Pudong New Area in East China's Shanghai surpasses $4.25 billion in the first five months of the year. [Photo by Wang Gang/For China Daily]