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Central China Expects More Inflow of Overseas Funds
Central China's Hubei Province has set its goal for attracting overseas investment at 10 billion U.S. dollars in the tenth Five-Year-Plan period (2001-2005).
In an interview with Xinhua, Deng Daokun, deputy governor of Hubei, said the key tasks in this regard for the forthcoming five years would be to attract more multinationals to develop high-tech industries, export-oriented businesses and upgrade traditional industries in Hubei, and to expand the opening-up of the province' s infrastructure sector and service trade.
It is expected that the inflow of overseas investment into this central Chinese province will hit 2 billion U.S. dollars this year, including 1.55 billion U.S. dollars in foreign direct investment and 450 million U.S. dollars worth of loans from overseas.
Hubei, known as the "thoroughfare of nine provinces" -- with the Yangtze River flowing from west to east and the Beijing- Guangzhou Railway running from north to south -- is located right in the middle of the country's main water artery. It is also a well-known area for fish and rice.
The province has had an inflow of overseas investment totaling 6.429 billion U.S. dollars since China introduced a reform and opening up policy in 1978.
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