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Most of Shenzhen's Overseas Businesses Make Profits
About 64 percent of the overseas-financed businesses in Shenzhen City, in south China's Guangdong Province, have reported making profits.
Information from an annual checkup by a group of seven governmental departments said that 7,464 operational overseas-backed businesses made a combined profit of 17.5 billion yuan in 1999, up 20 percent from 1998.
By the end of 1999, Shenzhen approved 11,744 overseas-backed businesses and more than 20 billion U.S. dollars of overseas capital were invested in the city.
The 7,464 overseas businesses earned 251.4 billion yuan in sales last year, paid 7.6 billion yuan in state taxes, and employed 1.16 million people.
While improving services for overseas investors, local administrative departments have been giving a helping hand to investors in difficult situations, which has helped create a favorable production and operation environment.
The efforts have paid off. Overseas investors' confidence in Shenzhen has led to increased investment in the city.
In 1999 alone, 355 overseas financed businesses increased investments, with the added volume amounting to 630 million US dollars.
Li Decheng, vice mayor of Shenzhen, one of China's four special economic zones (SEZs), pledged that they would continue to improve the investment environment for overseas investors in the future.
He added that they plan to set up a coordinating center to handle complaints from overseas investors and work out a set of rules regarding treatment of the complaints.
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