Investment Updates News
- FDI hits record high in northwest China's Xinjiang
Date: 31-Jan-2007 Sources: (Xinhua Online)
Foreign direct investment into northwest China's Xinjiang Ugyur Autonomous Region hit a record high last year with nearly 100 newly approved foreign-funded projects, the regional government said.
The projects brought 360 million U.S. dollars of contractual investment, up 34 percent year-on-year, said Qian Yong, an official in charge of foreign trade and economic cooperation.
Meanwhile, Xinjiang's actual utilization of FDI more than doubled from the previous year to 103 million U.S. dollars, said Qian.
By the end of last year, the region had approved the establishment of 1,539 foreign-funded businesses and its actual use of overseas funds totaled 728 million U.S. dollars, he said.
Qian named two major projects as having spurred an investment flurry last year -- a Xinjiang-based water-saving irrigation company that went public in Hong Kong and Jinchuan Mining Co. Ltd, a Sino-Australian joint venture.
Xinjiang, whose borders run for over 5,600 kilometers, has set up trade ties with more than 100 countries and regions. The regional customs said foreign trade topped 9 billion U.S. dollars last year, with a trade surplus of 5.17 billion U.S. dollars.
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