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Shanghai betters investment environment
( 2001-05-09 20:07 ) (8 )

Shanghai will optimize its environment to attract more investment from overseas, said Chen Liangyu, deputy mayor of this industrial powerhouse in east China.

In a meeting with John W. Loose, chief executive of Corning Inc. of the United States, Chen said Shanghai will develop into a center for international business, finance, trade and shipping as well as a base for transnational corporations to expand their business in China.

Loose said Corning has so far set up eight enterprises across China, including a factory in Shanghai's Pudong New District. The company's investment in China has totaled over US$200 million to date.

He predicted that China will become the world's number one market for optical fiber and cable in the coming five years. Corning will therefore establish a holding company in China in the near future, with an initial investment of US$30 million.

Corning, founded in 1851, is one of the leading manufacturers of optical fiber and cable in the world.