Port City Tianjin Draws Record Foreign Funds

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Last updated at: (Beijing Time) Wednesday, August 20, 2003

Port City Tianjin Draws Record Foreign Funds

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The port city of Tianjin, an economic center in north China, registered a record 2.22 billion US dollars in contractual foreign investment in the first seven months of the year, up 97.3 percent over the same period of last year.

According to the municipal foreign trade and economic cooperation committee, the city used 1.12 billion US dollars, a rise of 93 percent on a yearly basis.

Tianjin approved 569 foreign-funded enterprises in the first seven months, the largest number since 1997 and representing a rise of 26.7 percent year-on-year. Of the total number, 79 were established in July.

The 121 foreign-financed enterprises approved in the January-July period each boasted an investment of over 5 million US dollars.

Statistics show that by the end of July, 96 of the world's top 500 transnational firms had invested more than 6.6 billion US dollars in Tianjin. In July alone, 47 foreign-financed enterprisesinvested 90 million US dollars.

Tianjin has approved over 15,000 foreign-funded businesses which produce 48 percent of the city's total industrial output value, 78 percent of the city's total export and 31 percent of thecity's total revenue.

Rapid economic growth and a sound investment environment are referred to as major factors attracting foreign investors.

The municipality has reported an average annual economic growthrate of 12.2 percent for 11 consecutive years. It has also invested heavily in infrastructure construction to improve the investment environment. It is predicted that the city's fixed assets investment is expected to top 1.5 trillion yuan (181.37 billion US dollars) in 2010.

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