Major Chinese Port City Draws More Overseas FundsNingbo, a major port city in east China's Zhejiang Province, has witnessed rapid growth in foreign investment during the first three quarters of the year.Statistics show that the city approved 404 overseas-funded enterprises during the period, with a combined contractual overseas capital of 715 million U.S. dollars, an increase of 46.4 percent and 54.6 percent respectively over the same period last year. Of these overseas-funded enterprises, 41 involve a total investment of more than 10 million U.S. dollars each. A source with the Ningbo Foreign Trade and Economic Cooperation Commission said the new overseas-funded businesses are mainly engaged in information technology, transportation and power. Overseas investment in the tertiary industry amounted to 269 million U.S. dollars from January to September, accounting for 37.6 percent of the city's total overseas investment, according to the source. More multinational corporations have reached agreements to open subsidiaries in Ningbo. |
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