Increased Influx of Foreign Capital Reported in Beijing

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Last updated at: (Beijing Time) Wednesday, April 23, 2003

Increased Influx of Foreign Capital Reported in Beijing

The national capital of Beijing approved 329 foreign-funded enterprises in the first quarter of this year, an increase of 27.5 percent over the same period last year.

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The national capital of Beijing approved 329 foreign-funded enterprises in the first quarter of this year, an increase of 27.5 percent over the same period last year.

The involved contractual foreign investment totaled 738 million US dollars, a rise of 69.4 percent year-on-year, according to the latest statistics from Beijing's foreign trade and economic cooperation committee available Wednesday.

The committee's spokeswoman Zhou Yinliang said the foreign investment in the city's service sector rose markedly and firms from the United States and the Republic of Korea (ROK) increased their investment in Beijing in the first three months.

Of the 329 newly-approved enterprises, 202 were in the service sector, including wholesales and retail sales, information consultation, investment companies and computer-related services, a 38.4 percent rise over the corresponding period of last year.

Contractual foreign investment in the sector was 563 million USdollars, a rise of 108.7 percent, the statistics show.

The statistics also noted that 73 of the enterprises were funded by US investors, up 43.1 percent, and those invested by ROKfirms rose 230 percent over the same 2002 period.

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