NE. China City to Lure More Foreign Investment

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Last updated at: (Beijing Time) Thursday, December 27, 2001

NE. China City to Lure More Foreign Investment

Mayor Chen Zhenggao of Shenyang City, the capital of northeast China's Liaoning Province, has pledged that his city will further open up to overseas investment.

Mayor Chen Zhenggao of Shenyang City, the capital of northeast China's Liaoning Province, has pledged that his city will further open up to overseas investment.

As more foreign investors are interested in the northern part of the country, the city wants to take the opportunity to lure more foreign-funded projects, the mayor said in a recent interview.

Shenyang is the fourth largest city in China and the largest in the northeast.

So far, the city has set up over 1,410 overseas-funded projects with a total foreign capital of over 8.4 billion U.S. dollars. These foreign-funded firms now account for 60 percent in the city's exports.

In 2001, the city has approved 40 projects with 4 billion U.S. dollars foreign investment. Talks on some large Sino-foreign joint venture projects are under way, according to the mayor.