Overseas Investment in China Soars

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Last updated at: (Beijing Time) Wednesday, May 15, 2002

Overseas Investment in China Soars

The first four months of 2002 saw a year-on-year rise of 29.06 percent in the overseas funds used in China. By the end of April 2002, China had approved 388,945 overseas-funded enterprises. The contractual investment totaled 766.57 billion US dollars, of which 409.36 billion US dollars has already been put to use.

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The first four months of 2002 saw a year-on-year rise of 29.06 percent in the overseas funds used in China, according to statistics released by the Ministry of ForeignTrade and Economic Cooperation (MOFTEC) Wednesday.

Figures showed that the overseas investment already in use totaled 14.14 billion US dollars during the first quarter, while the contractual overseas investment registered a growth of 5.1 percent at 21.28 billion US dollars.

The setting up of 8,920 overseas-funded enterprises has been approved in the period, an increase of 20.01 percent.

By the end of April 2002, China had approved 388,945 overseas-funded enterprises. The contractual investment totaled 766.57 billion US dollars, of which 409.36 billion US dollars has already been put to use.

Fields Encouraged to be Invested by Foreign Investment

China will mainly encourage foreign investors to invest in the following fields:

1, To encourage foreign investors to transform traditional agriculture, develop modern agriculture and promote agricultural industrialization.

2 To encourage foreigners to invest in communications, energy, raw material, infrastructure and other fundamental industries.

3 Electronic information, biology engineering, new material, aeronautics and astronautics and other high-tech industries will also be opened for foreign investors.

4To encourage them to use advanced technology in helping China transform machinery industry, light and textile industries so as to achieve the upgrading of equipment industry.

5 Projects for comprehensive utility of resources, recycled resources, environmental protection and municipal construction will be opened to foreign investors.

6 To encourage foreigners to invest in China's western regions.

7 To encourage the exports of all the permission items.

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