| Tianjin, north China's largest port city, is to
further inspire overseas investors' involvement in its economic
growth, Xinhua reported.
San Xiangjun, an official of foreign trade and economic
cooperation in the city, said the city will implement a series of
preferential policies to facilitate foreign investors. The
procedures for the foreign-funded company registry will be
simplified. The law and economic means will play a main role in
supervising the foreign-invested complex.
Also, the city will set up a non-governmental information and
service system for the local enterprises in accordance with the
global routine.
The US$15 billion used over the past five years has played a
positive role in the local economic development. The city is
expected to increase the used foreign investment from US$2.76
billion in 2000 to US$3.5 billion this year.
In the next five years, foreign investment will also be welcome
in the fields of telecom, insurance, finance, tourism, education
and medical care services.
The city's export and import value totaled US$29.8 billion in
the past five years. Exports of machinery and electronic and
electric products are predicted to account for 70% of the city's
total in 2005.
San added that Tianjin will try to expand its foreign trade in
Africa, South America and East Europe. Europe, North America, and
South and East Asia are now China's major foreign trade markets.
Meanwhile, the city will encourage its enterprises to invest in
areas outside China.
Local official statistics show that in the first eleven months
last year foreign-funded enterprises realized profits of RMB7.866
billion (US$943.9 million) and an export value of 5.853 billion US
dollars, or 73.8% of the city's total.
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