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Overseas Chinese invest in Shanghai

By Wang Zhenghua (China Daily)
Updated: 2008-10-07 10:42

Overseas Chinese fund or play a hand in the funding of almost half of the 28,000 foreign-invested companies in Shanghai, making indelible contributions to the city's development.

At a recent gathering to mark the 30th anniversary of the country's reform and opening up, people of Chinese birth or descent who live abroad were praised for their deep love of their motherland.

In the years between 1978 and 1995, the local government approved around 13,600 foreign investment projects.

They drew 34.27 billion yuan ($5.01 billion) of foreign direct investment, with 60 percent of the projects and 56 percent of capital coming from overseas Chinese and compatriots of Hong Kong and Macao.

"Over the 30 years, overseas Chinese, returned compatriots and their families showed their tremendous love of their hometown and motherland," Yang Xiaodu, head of the United Front Work Department of Shanghai, said during his address to the forum.

Overseas Chinese will be written into history for their role in supporting the opening-up and reform, in the creation of a positive international environment and in the nation's social development, he said.

Overseas Chinese and Hong Kong and Macao compatriots made more than 2,000 donations amounting to 2 billion yuan, mainly in the fields of culture, education, healthcare and other public welfare from 1990.

Statistics show that following the devastating Sichuan earthquake, Chinese ethnicities opened their wallets and donated -300 million yuan in cash or relief materials for disaster-stricken areas via Shanghai.

Overseas Chinese have also showed tremendous interest in the upcoming 2010 Shanghai World Expo.

An 80-member delegation from All-China Federation of Returned Overseas Chinese paid a visit to the Bureau of Shanghai World Expo Coordination to get an update on preparations.

During the forum, representatives of overseas Chinese shared their experiences and the dramatic changes they felt had taken place in China.

Yue-Sai Kan, an international television star and immensely successful businesswoman, said she marvelled at China's social changes but cherished the sincerity and purity people had three decades ago.