Sichuan Benefits From Overseas InvestmentSichuan Province's efforts to absorb foreign investment in order to stimulate local economy have paid off.Statistics show that by the end of 1999, 55 countries and regions had invested in this southwest China province, with total overseas investment standing at US$6.838 billion. The province's 1,720 overseas-funded enterprises include machinery, electronics, chemicals, construction, and tourism. These enterprises produce 26 billion yuan (US$3.13 billion) in output value annually, and pay over one billion yuan (US$120 million) in taxes. The export value of these enterprises stood at over US$300 million, or 15 percent of the province's total last year. To improve its investment environment, the province has launched a campaign to crack down on activities involving the manufacturing and selling of fake products, and the provincial government and other concerned department have revoked 164 documents related to luring foreign investment. Statistics show that 60 of the world's top 500 multinationals, such as Philips and Motorola, have established or are going to set up joint ventures in this southwest China province. |
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