Beijing Remains Attractive to Investors Despite SARS Threat

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Last updated at: (Beijing Time) Wednesday, June 18, 2003

Beijing Remains Attractive to Investors Despite SARS Threat

The national capital of Beijing has remained attractive to investors all over the world despite the threat of the Severe Acute Respiratory Syndrome (SARS).

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The national capital of Beijing has remained attractive to investors all over the world despite the threat of the Severe Acute Respiratory Syndrome (SARS).

Sources from the municipal commission of commerce said that projects with foreign direct investment surged in the city in the first five months of 2003, involving a total investment of 2.16 billion US dollars, up 41 percent from the same period last year.

In May alone, the municipality approved new overseas financed projects with a contractual overseas investment of 140 million US dollars, up 16.3 percent, and in the same month, the city also hadan inflow of 250 million US dollars of overseas investment, up 10.4 percent.

The outbreak of SARS virus has not halted 10 overseas financed businesses entering the Chinese national capital.

On June 4, Motorola made Beijing the headquarters for its NorthAsian operations, and American International Assurance Co. Ltd., which entered Beijing a year ago, announced that it planned to establish a third business development center in Beijing.

Ikea's China operation announced a plan to build four new department stores in Beijing before 2007 at a cost of 250 million US dollars.

Deutsche Bank Ag or German Bank carried out a survey of 29 out of the Fortune 500 companies that have made investments in China, and 88 percent of them believed SARS would have a negative impact on foreign direct investment into China.

But the impact would be limited to the contractual investment volume, not the actual inflow of overseas investment into the country.

The city of Beijing was one of the worst hit areas by SARS in China. The World Health organization (WHO) renewed an advisory against travel to the capital on April 12 and service trade in thecity was somewhat affected.

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