Jiangsu Approves 40,000 Foreign-Funded Enterprises

From January to August this year, Jiangsu Province newly approved 1,550 foreign-funded enterprises, up 38.6 percent over the same period last year. So far, it has approved more than 39,500 foreign-funded enterprises.

Ye Jian, head of the Foreign Economic and Trade Cooperation Department of Jiangsu Province, disclosed that by the end of last year, over 17,000 of the foreign-funded enterprises approved by the local government had started business and put into production with the contractual foreign investment exceeding US$ 74.5 billion and paid-in foreign investment, US$ 40 billion. Especially the over 3,000 large and medium projects, each with a gross investment exceeding US$ 10 million, have promoted the province's economic structural readjustment and upgrading of its industries and exerted major influence on the province's economic quality.

For many years, Jiangsu has witnessed sustained, rapid growth in its foreign trade export, of which, the export of foreign-funded enterprises has played a promotional and even decisive role. Last year, Jiangsu's export volume exceeded US$ 18.3 billion. The exports of foreign-funded enterprises accounted for 54 percent of the province's total.

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