Beijing Approves More Overseas-funded Businesses

Beijing approved the establishment of 534 new overseas-funded enterprises during the first half of this year, with 40 joint ventures involving more than 10 million US dollars each.

This was disclosed by Beijing vice mayor Zhang Mao at a recent seminar attended by more than 200 representatives of Beijing-based foreign businesses.

Eighteen existing projects had also added investment surpassing 10 million US dollars each during the six-month period, Zhang said.

The overseas-funded businesses in Beijing realized a total industrial output of 38 billion yuan (nearly 4.6 billion US dollars) in the first five months this year, up 35.9 percent on yearly basis, with exports soaring 85 percent to reach 910 million US dollars.

These businesses have witnessed a growth of 40 percent in sales, which hit 58.4 billion yuan during the five-month period. They turned in 3.77 billion yuan in taxation, up 34.1 percent compared with the same period last year.

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