Chinese Enterprises Encouraged to Expand Overseas Business

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Last updated at: (Beijing Time) Saturday, April 12, 2003

Chinese Enterprises Encouraged to Expand Overseas Business

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China encourages domestic enterprises of all ownerships to conduct all sorts of economic cooperation with their counterparts in other countries, the overseas edition of the People's Daily reported Saturday.

They should work out plans for transnational production or business activities, make the most of both domestic and international resources and gradually turn into transnational companies, the paper quoted Wu Xilin, deputy director of the Department for Economic Cooperation with Foreign Countries under the Ministry of Commerce, as saying.

By the end of 2002, 6,960 non-financial Chinese enterprises hadset up sub-branches in other parts of the world, involving a combined contractual value of 13.7 billion US dollars, Wu said at a recent symposium on outward expansion by Chinese enterprises.

The number of enterprises engaging in processing and trade totaled 420, yielding 114.7 billion US dollars in contractual value. More than 2.7 million Chinese have been sent to work abroadunder labor contracts.

Progress has been made in cooperation with other countries in opening up natural resources, transnational enterprise merger, establishing research centers and agricultural development.

Chinese enterprises have so far invested in projects in 160 countries and regions.

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