The Ningxia Hui Autonomous Region in northwest China plans to introduce some 660 million US dollars of foreign funding by the year 2005 to stimulate local economic development.

The figure will be two times that of the five-year period from 1996 to 2000, a local senior official said, adding that this is part of the central government's effort to step up the development of central and western China.

Ningxia will focus on introducing advanced technologies from abroad and will raise financing through issuing shares and bonds overseas, the official said.

Since 1996, Ningxia has used a total of 180 million dollars of foreign capital, with direct foreign investment amounting to 55 million dollars.

Most of the foreign money went to energy, transportation, telecommunications and agricultural sectors and water conservancy, environment protection and poverty-relief projects.

Foreign investment, which now accounts for 4.5 percent of the autonomous region's total fixed assets, has played an important role in local economic development. Overseas-funded enterprises have provided jobs for 25,000 people. (Xinhua)