More Foreign Investment Expected in Shenzhen

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Last updated at: (Beijing Time) Wednesday, February 20, 2002

More Foreign Investment Expected in Shenzhen

Shenzhen, one of China's fivespecial economic zones, is expected to absorb four billion U.S. dollars of overseas investment this year, 11 percent more than last year.

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Shenzhen, one of China's fivespecial economic zones, is expected to absorb four billion U.S. dollars of overseas investment this year, 11 percent more than last year.

The amount of foreign direct investment is likely to rise 17 percent to three billion U.S. dollars, Director of Shenzhen Administration of Foreign Trade and Economic Cooperation Ye Minhuisaid Tuesday.

Foreign investors have shown keen interest in shipping, subway and light rail construction and aviation development, Ye said.

According to the official, measures will be taken this year to facilitate general trade exports by foreign-funded firms, and a breakthrough will be made in terms of the logistics industry this year.

Negotiations are underway between Shenzhen and a dozen transnational companies including Sony, Hitachi, Wal-Mart and IBM for the establishment of distribution centers in Shenzhen, Ye revealed.

Last year, Shenzhen set a record in using 3.6 billion U.S. dollars of foreign investment, 21 percent more than the previous year.

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