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Foreign-funded Firms Account for 45% of Tianjin's Industrial Output: Mayor
Overseas investment has become the locomotive for industrial development in the port city of Tianjin, according to Mayor Li Shenglin.
The mayor, who is here to attend the fourth session of the Ninth National People's Congress due to open Monday, said foreign- funded firms in the city contribute 45 percent of its total industrial output last year, and over 70 percent of its exports.
In 2000, Tianjin's industrial output totaled 258.21 billion yuan (31.48 billion U.S. dollars) and its total volume of export reached 8.629 billion U.S. dollars, he said.
Nearly 200 multinationals, such as Motorola and Samsung Electronics, have built plants in the city in north China, about one hour drive from Beijing.
The coastal New District in Tianjin whose development began in 1994 has been the fastest-growing area of the city, the mayor said. By the end of 2000, a total of 4,275 overseas-funded firms had been established in the district involving a total contractual investment of 14.5 billion U.S. dollars, he said.
Tianjin plans to double its exports during the next five years, said the mayor.
As part of its efforts to improve its investment environment, Tianjin will continue to improve its infrastructure, including building a coastal fast-speed rail transit line, an expressway connecting the port city with Tangshan, an industrial city in neighboring Hebei province, and a deep navigational channel.
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