Trade, Tourism New Development Direction for Western China

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Last updated at: (Beijing Time) Friday, April 26, 2002

Trade, Tourism New Development Direction for Western China

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The vigorous development of trade and tourism will be the new direction for western China's economic development, Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation, said Thursday at the opening of an investment and trade promotion fair held in southwest China's Chongqing Municipality.

Against the background of China's entry to the World Trade Organization (WTO) and its "going west" strategy the fair has attracted about 4,000 companies from home and abroad and will mainly focus on trade promotion in the fields of energy, transportation, environmental protection and infrastructure construction.

In addition, an international tourism festival was also held inChongqing at the same time in China's newest municipality.

Chongqing boasts the richest tourism resources in the country with its well-known Three Gorges scenic area, as well as 300 otherfamous historic and scenic sites. Tourism has become one of the pillar industries of the city.

Western Development

China's Western Development Makes Good Start

The fixed asset investment growth rate for January-October last year for China's western regions has hit 23 percent, 5.6 percent higher than the country's average.

The state has invested over 70 billion yuan (8.48 billion US dollars) in the western regions, 43 billion yuan (5.21billion US dollars) of which comes from government bonds. >>details

Western Development Program Pays Off

The gross domestic product (GDP) of 12 provinces, autonomous regions and municipalities in western China increased by 8.7 percent in the first half of this year thanks to China's drive to accelerate western development.

Construction of 10 key projects began in western China last year at a combined cost of 20 billion yuan. More projects were begun to be built this year, which will cost about 300 billion yuan. >>details

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