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Yunnan Welcomes Foreign Funds for Mining, Bio-resources
Southwest China's Yunnan Province will allow foreign businesses to invest in some State- monopoly trades, such as mineral exploration.
Shao Qiwei, deputy governor of the province, made the announcement Tuesday at a meeting in this east China metropolis.
Foreign investors will also be allowed to jointly develop rare bio-resources in the province, which is known for its bio- diversity due to its varied geographic and climatic conditions.
Shanghai-based representatives of 127 businesses took part in the meeting, including those from GE, GM, Citibank, Toshiba and Mitsui. They were expected to negotiate with Yunnan Province later this week on specific investment projects concerning electricity, transportation and bio-resources.
Yunnan has so far used 1.4 billion U.S. dollars of foreign investment, or five percent of all the foreign funds used by China.
The province hopes to attract 2.7 billion yuan during the Tenth Five-Year Plan period (2001-2005). It plans to build China's largest research base for bio-resources, a research base for safe tobacco, and the biggest export base for fresh flowers in Asia.
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