Guangdong's Private Companies Play Bigger Role in Foreign Trade

Private businesses in south China's Guangdong Province have been playing a bigger role in foreign trade and economic cooperation.

Customs statistics show that foreign trade volume done by private companies in the province in the first six months of the year went up by six times according to comparable figures during the same period last year.

During that period of time the private companies signed contracts with overseas investors involving 760 million U.S. dollars of overseas investments, said local sources.

By late 1999, Guangdong had 161,100 private businesses, with a combined registered capital of 156.67 billion yuan (about 18.88 billion U.S. dollars) and more than 1.95 million employees.

A total of 559 private companies have been given permits to import and export. Last year, private companies did 3.13 billion U.S. dollars worth of foreign trade, of which, exports made 1.94 billion U.S. dollars.

This month, 21 private businesses sent their own representatives to attend an economic, technological and trade fair in Europe.

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