By the end of 1997, Shanghai had signed contracts on 20,630 overseas-funded projects with contracted investment totalling 67.113 billion US dollars, of which 33.799 billion US dollars had already been utilized. During the 1991-97 period, the figures were 19,176 projects, 40.856 billion US dollars and 29.421 billion US dollars, respectively. These figures accounted for 93%, 60.9% and 87%, respectively, of the total recorded since the adoption of the reform and opening policy 18 years ago. By the end of 1997, 80 countries and regions around the world had invested in Shanghai.

Shanghai has been continuously expanding the scale of absorbing overseas investment and improving the investment quality. Earlier, overseas capital was invested mainly into industrial projects. Today, however, it is spreading into commercial, financial, tourism, real estate and many other sectors of the service industry.

By the end of 1997, 17,494 overseas-funded venture were operating in Shanghai and most of them reported good economic returns thanks to sound management and development of the product market. in 1997, these enterprises achieved total sales of 283.216 billion yuan, pre-tax profits of 13.429 billion yuan and export earnings of 5.2 billion US dollars. They represent an increase of 36.7%, 10.4% and 29.8% over 1996, respectively.

Following the policy of opening wider to the outside world, Shanghai has enhanced its economic relations with other parts of the world. During the 1978-1997 period, the city's accumulative foreign trade volume totalled 179.367 billion US dollars. From 1991 to 1997, the figure was 112.435 billion US dollars.

Shanghai has further enhanced its functions as a port city. During the 1978-1997 period, imports and exports passing through the Shanghai Customs totalled 374.696 billion US dollars. The figure for the 1991-97 period stood at 272.414 billion US dollars.

The city's financial industry has been opening increasingly wider for overseas investors. By the end of 1997, there were 51 foreign-funded financial institutions and 162 financial representative offices in the city from more than 20 countries and regions around the world. Shanghai leads the country in the number and variety of foreign financial institutions situated in the city. Today, nine foreign banks, including Citibank of the United States, Hongkong and Shanghai Banking Corp, Bank of Tokyo-Mitsubishi and Industrial Bank of Japan, have moved to Pudong and are authorized to handle Chinese currency business. This is another lead that has been taken by the city in opening the country's financial industry to overseas investors.

Shanghai's international tourism industry is thriving. The city has opened more than 30 tourism routes and boasts more than 400 scenic spots. In 1997, the city received more than 1.6535 million overseas tourists or 3,748 tourists on an average day. They came from 169 countries and regions around the world. Japanese tourists, accounting for 36.3% of the total, formed the largest overseas tourists' group to visit the city. They were followed by American and German travelers.
By the end of 1997, there were 115 star-rated hotels in the city, including seven five-star hotels. They were Shanghai Hilton, Garden Hotel Shanghai, Hua Ting, Jin Jiang Tower, J.C. Mandarin, Portman Ritz-Carlton and Westin Tai Ping Yang Shanghai.

Shanghai has markedly expanded its exchanges with other parts of the world. By the end of 1997, the city had established sister-city relationships with 33 cities in 31 countries (provinces, states and districts) around the world. Eight cities and districts had established a long-term friendly exchange programme with Shanghai. Thirty-two countries had set up consulates general in the city. They included the United States, Britain, Germany, France, Italy, Japan and Russia.

During the past few years, a growing number of overseas news organizations have won approval to set up resident offices in the city. Many world-renowned media, such as the Reuters, DPA, AFP, AP, JIJI, Asahi Shimbun, Keizai Shimbun, New York Times, L.A. Times, Financial Times and Newsweek, have reporters stationed in the city. By the end of 1997, 36 overseas news organizations had set up their offices in Shanghai.