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Major Chinese City Draws More Overseas Funds
Tianjin, a major industrial city in north China, has drawn a growing amount of overseas investment this year.
Official statistics show the city approved the establishment of 480 overseas-funded businesses during the first nine months of the year, with combined contractual overseas capital of 2.96 billion U.S. dollars, up 22.7 percent from the same period last year.
The bulk of the funds, namely 2.53 billion U.S. dollars, went to the manufacturing sector, with the rest mainly flowing into the service industry.
Of the businesses, 351 are funded solely by overseas investors, with a total investment of 2.36 billion U.S. dollars, 4.6 times the figure for the 1999 period.
More than 30 of the overseas-funded enterprises, including Toyota and Motorola, involve a total investment of more than 5 million U.S. dollars each.
Local analysts said the upward trend in overseas investment in Tianjin demonstrates investors' increasing confidence in the city's business environment after China enters the World Trade Organization.
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