Guangdong Most Attractive to Foreign Investment: Official

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Last updated at: (Beijing Time) Thursday, June 12, 2003

Guangdong Most Attractive to Foreign Investment: Official

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South China's Guangdong Provincewould remain the country's most attractive destination for foreign investment despite SARS (severe acute respiratory syndrome), Vice-Governor You Ningfeng said here Wednesday.

He made the remarks during his information briefing with managers from the world's top 500 companies in the province.

You said Guangdong enjoyed advantages in fields like its gross domestic product (GDP), manufacturing industry, market potential and its overall investment environment when attracting foreign investment.

"We will certainly tide over the negative impact SARS on our economy as those advantages we had were not shaken by SARS," You said.

"Meanwhile, Guangdong is enjoying the status of being China's top economic power, which will provide greater development opportunities for foreign investors," he said.

Guangdong's GDP topped 1167.4 billion yuan (140.7 billion US dollars) in 2002, accounting for 11.4 percent of China's total GDP.

"Though Guangdong is seen as one of the favorite investment destinations in China, we will continue to work to improve our soft and hard investment environment for investors," You said.

Guangdong received 157 billion US dollars of actual foreign investment in 2002, accounting for 35.2 percent of China's foreigninvestment.

Some market analysts once doubted Guangdong's economic prospects this year as more than 1,500 people were infected with SARS.

However, by 9:00 a.m. Wednesday, the province had reported no new SARS cases for 25 consecutive days, which saw the World Health Organization lift the travel advisory last month.

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