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FOREIGN direct investment (FDI) flowing to Shanghai grew at a slower-than-expected pace in the first half of 2023, adding to evidence that the mainland's financial and commercial hub is losing its allure, reports Hong Kong's South China Morning Post.
The city, dubbed the "dragon head" of China's economy, received foreign funds worth US$12.78 billion from January to June, up 7.1 per cent on year, mainly due to a low base in 2022 when a citywide Covid lockdown severely disrupted manufacturing and commercial activities.
Economists had expected the country's emergence from strict Covid lockdowns in January to spur a big year-on-year jump in FDI, with some estimates for growth topping 20 per cent.
"FDI was seen as a major growth driver for the local economy in this year's first half," said Ding Haifeng, a consultant at financial consultancy Integrity in Shanghai. "The numbers fall short of expectations and show that foreign businesses are taking a cautious stance on the local, and broader Chinese economy."
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