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Beijing Scored Great Success in Utilizing Foreign Funds
During the 9th Five-year Plan period (1996-2000), Beijing had adhered to an active policy of making good use of foreign investment and encouraging measures for expanded channels to attract foreign investment. The municipality has thus achieved great success in optimal use of foreign funds.
As things stood in Beijing during the 9th Five-year Plan years, Beijing had a total of 4,100 foreign-invested enterprises (Sino-foreign joint ventures, cooperative businesses and exclusively foreign-owned enterprises) approved. With these, Beijing has had a contracted amount reaching US$ 12.98 billion, 41% increase over the 8th Five-year Plan period (1991-1995). According to Zhou He, vice chairman of Beijing Economic and Trade Commission, Beijing has had an actual amount of US$ 13.67 billion of foreign funds absorbed and US$ 9.89 billion of direct investment by foreign investors to show a 135% and 139% rise, respectively.
The city approved another 1,146 foreign-invested companies last year, 70% more over the previous year, with a contracted foreign investment totaling US$ 7.304 billion, a 139% growth, and over US$ 3 billion of foreign funds having been actually used to show a slight increase over the previous year.
By the end of 2000 there were altogether 15,882 foreign-invested enterprises that have been launched in Beijing, with a contracted amount of US$32.13 billion and an actual amount of US$ 21.6 billion having been used. Of the 500 world enterprise giants, 158 have already become investors in Beijing and 14 of these have even set up regional headquarters in Beijing.
To conclude, the three types of foreign-invested enterprises as said above have become the most dynamic force in contributing to Beijing's economic growth and its industry. By the end of November last year, Beijing had registered 5,335 foreign-invested companies. In the first eleven months of last year, it realized 99.318 billion yuan in industrial output, a 40% increase over the same period of previous year with a sales revenue of over 153.3 billion yuan, up 40%, and 4.2 billion yuan of profits, a 6.4-fold increase.
By PD Online staff member Li Yan
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