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North China Port City Welcomes Overseas Investment
Tianjin, north China's largest port city, is to further inspire overseas investors' involvement in its economic growth.
San Xiangjun, an official of foreign trade and economic cooperation in the city, said the city will implement a series of preferential policies to facilitate foreign investors. The procedures for the foreign-funded company registry will be simplified. The law and economic means will play a main role in supervising the foreign-invested complex.
Also, the city will set up a non-governmental information and service system for the local enterprises in accordance with the global routine.
The US$15 billion used over the past five years has played a positive role in the local economic development. The city is expected to increase the used foreign investment from US$2.76 billion in 2000 to US$3.5 billion this year.
In the next five years, foreign investment will also be welcome in the fields of telecom, insurance, finance, tourism, education and medical care services.
The city's export and import value totaled US$29.8 billion in the past five years. Exports of machinery and electronic and electric products are predicted to account for 70 percent of the city's total in 2005.
San added that Tianjin will try to expand its foreign trade in Africa, South America and East Europe. Europe, North America, and South and East Asia are now China's major foreign trade markets.
Meanwhile, the city will encourage its enterprises to invest in areas outside China.
Local official statistics show that in the first eleven months last year foreign-funded enterprises realized profits of 7.866 billion yuan (about US$943.9 million) and an export value of US$5.853 billion, or 73.8 percent of the city's total.
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