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Guangdong Reports Growth in Overseas Investment
South China's Guangdong Province signed contracts with overseas firms on investment worth 4.81 billion US dollars in the first three months of the year.
Local sources said the figure represents a rise of 107 percent from the same period last year. Of the total, contracts involving foreign direct investment were worth 4.2 billion US dollars, up 129 percent.
The actual inflow of overseas investment in Guangdong was 2.59 billion US dollars in the first three months of the year, up 8.3 percent.
A local government offcial in charge of overseas investment attributed the increase in investment to the improved economic benefits achieved by existing overseas financed businesses in province, greater confidence shown by overseas investors toward the quality of economic performance, and the province's painstaking efforts to improve the investment environment.
According to the official, overseas financed industrial businesses in Guangdong chalked up over 163.5 billion yuan (about 19.7 billion US dollars) in sales from January to March, up 14 percent, and achieved 97.47 percent in the sale-production ratio in the first three months, second only after state-owned enterprises in the province.
The comprehensive benefit index of these overseas-backed industrial businesses during the same period was 116.84, an increase of 9.4 percentage points from the same period last year, according to sources.
Guangdong has been the biggest beneficiary of China's reform and opening-up drive and is considered one of China's major economic powerhouses.
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