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Overseas Investment Rising in Chinese Development Zone
Overseas investment continues to flow into the Qingdao Economic and Technological Development Zone, a state-level development zone in east China's Shandong Province.
Recent statistics indicate the zone, set up in 1985, has 1,169 overseas-funded businesses, with combined overseas capital worth US$ 1. 32 billion.
Related capital has come from more than 50 countries, including the United States, Japan, Britain, Canada, and the Republic of Korea.
These enterprises have helped the zone create its major industries of information technology, pharmaceuticals, chemical products, machinery, and building materials.
Jiang Jie, director of the zone administration, attributed the achievements to an improving business environment.
According to Jiang, the zone has spent more than seven billion yuan (about US$ 843 million) on infrastructure over the past 15 years.
International practices have been adopted in administrating the zone, Jiang added.
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