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China Encourages Investment AbroadWhile drawing an increasing amount of overseas capital, Shanghai, China's leading industrial and commercial city, is now drafting a new plan to promote investment in foreign countries.Sources with the municipal government say the city will encourage local enterprises to set up subsidiaries abroad. Over the past few years, entrepreneurs from Shanghai have already established 545 businesses in some 70 countries, with a total investment of 427 million US dollars. China has been promoting investment abroad since 1998 as part of its effort to improve the economy. Many local governments have taken steps to help businesspeople transfer their production lines to foreign countries. Zhejiang Province in east China has just issued a series of preferential policies for promoting investment overseas, including easy loans and tax refunds for exported equipment and raw materials. Yantai, a coastal city in east China's Shandong Province, has plans to encourage local enterprises to become involved with processing industries in Africa, South Asia, Middle East, and South America.
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