E. China province uses more overseas investment

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Last updated at: (Beijing Time) Thursday, February 06, 2003

E. China province uses more overseas investment

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The coastal province of Shandong used 6.52 billion US dollars worth of foreign investment and capital from Hong Kong, Macao and Taiwan in 2002, up 47.8 percent over theprevious year, official figures showed.

Zhang Debao, an official with Shandong Provincial Statistics Bureau, said Shandong approved 4,072 investment projects involving11.86 billion US dollars in contractual foreign investment, up 33.2 percent and 64.2 percent over the previous year.

Direct overseas investment totaled 5.59 billion US dollars, up 54.3 percent.

The amount of overseas investment in each of the projects averaged 2.91 million US dollars, compared with 2.36 million US dollarsthe previous year.

A total of 333 overseas-funded projects involved 10 million US dollars worth of overseas investment or more, said the official.

Some 103 of the world's top 500 multinationals have invested inthe province which has a population of 90 million.

Shandong was the third biggest provincial economy on the Chinese mainland after south China's Guangdong province and east China's Jiangsu province, with its gross domestic product totaling1.05 trillion yuan (128 billion US dollars) in 2002.

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