More Chinese Enterprises Encouraged to Invest AbroadQingdao, a major port city in east China's Shandong Province, is considering setting up more than 10 plants in foreign countries this year.Well-performing businesses, especially large and medium-sized State-owned enterprises, are encouraged to joint the plan. Over the past two years, entrepreneurs from Qingdao have already established 20 businesses in other countries, with combined investment of US$ 87.26 million. These businesses are mainly engaged in producing household electric appliances, textiles, and machinery. While using an increasing amount of overseas capital, China has been encouraging investment abroad since 1998 as part of its effort to further improve its economy. Many local governments have taken steps to help business people transfer their production lines to foreign countries. Shanghai, the country's leading industrial and commercial center, has established a total of 545 businesses in some 70 countries over the past several years. It is now drafting a new plan to promote investment overseas. Zhejiang, a booming province in the east, has just issued a series of preferential policies for promoting investment in foreign countries. |
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