HK Investment in Xinjiang Exceeds US$300 Million

Aishaiti Kelimubai, vice-chairman of Xinjiang Uygur Autonomous Region, disclosed on May 31 in Hong Kong that Hong Kong's contractual investment in Xingjiang had reached US$300 million, accounting for 70 percent of the total amount of the funds the region had attracted.

At the "Hong Kong-Xinjiang Economic & Trade Cooperation Symposium", the vice-chairman indicated that the central government and Xinjiang Autonomous Region have published some or are planning to formulate a number of preferential policies to encourage foreign businesses to participate in the development of Xinjiang. He pointed out that in addition to policies, Xinjiang itself enjoys many advantages for development, such as resources, market and the rapid growth of the tertiary industry, so it can provide Hong Kong businesses with wider space for development.

Hong Kong Trade Development Bureau, sponsor of the symposium, also agrees that the development of west China will provide a new business opportunity to Hong Kong's companies which are presently making investment mainly in coastal areas. Wen Shaowen, a senior deputy manager of the manufacturing industry development department of said Bureau, indicated that western regions own abundant energy resources, raw and semi-finished materials, tourism, agricultural and pastoral resources, a strong technical force and cheap labor. Its conditions and potential for economic development are better than other inland markets. Therefore, he expressed the hope that Hong Kong's businessmen will not miss the opportunities offered by this new-emerging market.

People's Daily Online --- http://www.peopledaily.com.cn/english/