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Tianjin Reports Steady Influx of Overseas Capital
Tianjin Municipality has seen a steady increase in the influx of overseas direct investment this year.
Tianjin approved 242 overseas-funded ventures during the first five months of the year, with total investment increasing by 6.4 percent on a year-on-year basis to 1.676 billion US dollars. The contractual overseas capital and overseas capital stood at 1.481 billion US dollars and 846 million US dollars, respectively.
Investment from Hong Kong, Japan and the Republic of Korea surged by 398.7 percent, 26.9 percent and 5.4 percent.
Overseas partners in 95 overseas-funded ventures in the northern port city have injected 279 million US dollars in new investment, an increase of 47.6 percent compared with the same period in 1999.
The sharp rise is mainly attributed to record profit, according to municipal officials. Overseas-funded enterprises in Tianjin realized 49.5 billion yuan in sales revenue and 3.36 billion yuan in gross profit during the five-month period, a surge of 29.6 percent and 260 percent respectively from the same in 1999.
While solely overseas-owned ventures in the city increased sharply by 30, industrial and service sectors also became two hot destinations for foreign capital, attracting 1.246 billion US dollars and 163 million US dollars during the five-month period.
Tianjin had approved 13,231 overseas-funded ventures by the end of May, attracting 28.2 billion US dollars in contractual overseas investment.
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