Shenyang Woos Foreign Funds

A total of 118 big projects, needing a total investment of US$12.5 billion, have been listed for overseas investment by this industrial capital of Northeast China's Liaoning Province.

These projects cover most key fields and industries of the city, including agriculture, heavy industry, high-tech, infrastructure construction and real estate.

About 22 projects will need more than US$100 million investment each.

The successful implementation of these projects will be of utmost importance for the economic take-off of this traditional center of heavy industry, said Vice-Mayor Li Jia.

These projects will also be attractive for overseas investors as most of them have promising market potential and many have got support from central and provincial governments.

"With China's entry into the WTO drawing near, the city will enhance its opening-up policy to grasp more opportunities for development," said Chen Zhenggao, mayor of Shenyang.

The city has set itself a target of soliciting US$1 billion foreign investment this year.

Overseas investment is directed towards the fields of agriculture, environmental protection, education, medicine and high-tech industries.

The city will open more areas including finance, insurance, telecommunications, tourism and service sectors to foreign investors, said Chen.

It also welcomes overseas investors to invest in the southern part of the city, which is an area that will be opened up massively between 2001 to 2005.

"Shenyang, with its geographical and industrial advantages, is becoming an attractive place for investors," said Chen.

The city boasts a solid industrial foundation, a large number of professional workers and strong scientific resources.

It is noted as the economic center of Northeast China which has a population of more than 100 million.

"With many overseas companies starting to localize their production, Shenyang is considered a perfect place by investors who expect to tap the huge market in the northeast," he said.

Officials from the city have promised to offer a better policy to protect the interests of investors.

"We will carry out a thorough examination and amend our rules and regulations in accordance with international practices," said Zhang Guangyin, director of the city's Overseas Investors Service Center.






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