Beijing Reports 9.8 pct Increase in Used Foreign Funds

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Last updated at: (Beijing Time) Wednesday, August 27, 2003

Beijing Reports 9.8 pct Increase in Used Foreign Funds

Beijing used 1.19 billion US dollars of foreign investment in the first seven months this year, up 9.8 percent over the corresponding period of last year.

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Beijing used 1.19 billion US dollars of foreign investment in the first seven months this year, up 9.8 percent over the corresponding period of last year.

According to the city foreign trade and economic cooperation committee, the city approved 760 foreign-financed enterprises in the seven-month period, with involved contractual foreign investment totaling 1.57 billion US dollars, a rise of 5.9 percent on a yearly basis.

Zhou Yinliang, a spokeswoman for the committee, said that enterprises with 100 percent foreign financing accounted for 60 percent of the 760 foreign-funded enterprises established in the January-July period.

Of the total figure, 289, or 38 percent, were in the manufacturing sector, and 344, or 45.3 percent, were in the service sector.

A total of 64 of the 760 foreign-financed enterprises each boasted a total investment of more than 10 million US dollars.

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