Shenzhen: A Strong Magnetic Field for Foreign Investors

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Last updated at: (Beijing Time) Wednesday, January 08, 2003

Shenzhen: A Strong Magnetic Field for Foreign Investors

Shenzhen has become a strong magnet for foreign money as nearly one tenth of the 50 billion US dollars of foreign investment in China in 2002 went to this special economic zone.

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Shenzhen has become a strong magnet for foreign money as nearly one tenth of the 50 billion US dollars of foreign investment in China in 2002 went to this special economic zone.

According to statistics from the local bureau of foreign trade and economic cooperation, in the first eleven months of 2002, Shenzhen approved 608 foreign-funded projects, up 45.8 percent year-on-year.

Altogether 17 Fortune 500 companies, including General Motors, Samsung and Sony, have either opened their business or increased their investment here.

An increasing number of multi-nationals like Dupont and Oracle have set up their research and development centers here, followingthe footsteps of Intel.

Meanwhile, purchasing centers have also been set up by multi-nationals like Sanyo and Sony for various high-quality and low-price products made in Shenzhen.

Manufacturing, service, and real estate industries have turned out to be the most popular recipients of direct foreign investmentin the city.

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