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Central China City Attracts French Investors
Wuhan, capital of central China's Hubei Province, has become a popular investment site among French investors.
Information from the Wuhan City Office for Overseas Investment disclosed that French investment in Wuhan now totals US$ 1.5 billion, accounting for 30 percent of France's total investment in China, and 13 percent of Wuhan's total volume of overseas investment.
French investment in Wuhan is concentrated in the automobile industry, with six French enterprises, including French automakers PSA Peugeot-Citroen and Renault, having joint ventures or components factories in Wuhan environs.
Four other service companies including Carrefour, Societe Generale, and the Total-Elf Group also have joint ventures or have opened branch stores in this central Chinese city. A dozen other major French corporations have representative offices in Wuhan. While French automaker PSA Peugeot-Citroen has announced it will add one billion yuan (about 121 million U.S. dollars) to its successful joint venture of the Dongfeng-Citroen Automobile Co., Ltd. in Hubei Province, representatives for a number of other companies including Alsthom and Total have been negotiating with local officials for projects in electricity generation, the production of lubricants, and operating schools cooperatively.
The Sino-French economic cooperation has also led to increased cultural exchanges between Wuhan and French cities. Wuhan University, for instance, has forged cooperative ties with more than 30 French universities and organizations, carried out more than 30 cooperative research programs, and held 11 international academic meetings in cooperation with French partners.
Wuhan University has also made active contributions to spreading French culture and technology in China. In addition to creating a French-language department and three centers for French studies, and offering more than 40 courses in French studies, it has also sent 270 people to study in France, 100 of whom have returned to China.
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