China Encourages Investment OverseasWhile attracting a growing number of overseas investors, east China's Shandong Province, a major economic powerhouse, has taken measures to encourage investment overseas.Sources with the provincial government say the province encourages local enterprises in the machinery, chemicals, textiles and building materials sectors to set up subsidiaries abroad. Over the past few years, entrepreneurs from Shandong have already established 109 business firms in some 70 countries, with a total investment of 260 million US dollars. China has been promoting investment abroad since 1998 as part of its effort to improve the economy. Governments elsewhere have also taken steps to help local businesses transfer their production lines to foreign countries. Zhejiang province in east China has just issued a series of preferential policies on promoting investment overseas, including easy loans and tax refunds for exported equipment and raw materials. Shanghai, China's leading industrial and commercial city, is drafting new rules to promote investment in Africa, Latin America and other regions. |
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