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Foreign investment boosts Gansu's economy
2003-12-26
Xinhua
Northwest China's Gansu Province has attracted more foreign investment this year, thanks to the implementation of the opening policy, bringing about overall development in the provincial economy.
An official with the provincial foreign investment association said that in the first 11 months of 2003, some 1,741 foreign-funded enterprises from 37 countries invested a total of US$769 million in Gansu.
The investment boosted the development of agriculture, and the electric power, chemical, machinery, electronics and real estate industries, he said.
The official said that from 1998 to 2002 Gansu's tax revenue from foreign-funded enterprises amounted to 1.7 billion yuan (US$206 million), and provided the province with over 100,000 jobs.
The increase in foreign investment boosted the province's foreign trade. From January to October, Gansu earned US$85 million from exports made by foreign-funded enterprises, a five percent growth as against the same period of last year, the official said.
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