Some 12.88 billion US dollars of overseas capital flowed into the southern province of Guangdong in the first 11 months of the year.

By the end of the year, it is expected that over 110 billion U. S. dollars of overseas investment will have been spent in the province since China initiated reforms and opening in 1979.

Direct foreign investment to Guangdong increased at an annual rate of 30 percent to reach 85 billion US dollars by late November this year.

More than 300 multinationals have set up branch organizations or production workshops in Guangdong. Of world's top 500 companies, over 200 have set up bases in Guangdong.

Overseas investment can be seen in sectors ranging from basic industries, infrastructure, finance, foreign trade, tourism to information consultancy, retail chain shops and high-tech industries. There are over 200 overseas funded high-tech enterprises in the province.

The local economy has benefited enormously from overseas investment, said a local foreign trade official. (Xinhua)