In a bid to promote regional economic development northeast
China's Jinlin Province has identified 500 projects in
10 categories for both domestic and overseas investment,? Vice
Governor Tian Xueren announced on Saturday at an investment
promotion conference.
The conference, introducing the local investment environment,
development plans and preferential policies, is part of the ongoing
second Northeast Asia Investment and Trade Expo, which runs from
September 2 to 6 in Changchun, capital city of Jilin
Province.?
The province's gross domestic product (GDP) stood at 361.492
billion yuan (US$45.44 billion) last year which is around 2 percent
of the country's total. It has set itself the target of doubling
the GDP figure to 640 billion yuan (US$ 80.41 billion) in 2010. To
achieve that an annual growth rate of over 12 percent is
required.
"Jilin has to make efforts to catch up with developed areas in
China but faces a tough task in industrial structure adjustment,"
Tian said. "However, a lack of funding causes? bottlenecks in
economic development with many middle and small sized projects
faltering despite their good market prospects and potential of high
profitability," Tian said.
Vice Governor Tian
Xueren
The ten categories identified for investment, all local
distinctive industries, are modern manufacturing, petrochemicals,
farm produce processing, traditional Chinese medicines,
pharmaceutical, photoelectron and high-tech businesses, energy,
metallurgy, building materials, light industry, textiles, tourism
and urban infrastructure.
Last year the province approved 348 foreign-funded enterprises
utilizing foreign direct investment of US$661.15 million. According
to the local department of commerce foreign investment mainly
flowed into food processing, computer and software businesses,
natural gas production/supply, real estate and pharmaceuticals.
In addition to?the preferential policies given by the State
Council for revitalizing the old industrial bases of northeast
China the province had also identified? a number of other
measures to assist in opening-up the economy and attracting foreign
investment. Examples included redefining foreign-funded
enterprises, providing preferential loans for foreign investors in
important industries and offering them a one-stop service.
To facilitate cooperation between Chinese and foreign
enterprises a total of nine industry project recommendation
meetings are being held during the five-day conference.
Accumulated investment of four
neighboring nations in Jilin Province (by the end of 2005)
(Source: organizing committee of the Second Northeast Asia
Investment and Trade Expo)
|
Country
|
Number of Enterprises
|
Actually utilized capital (million US dollar)
|
|
Japan
|
255
|
360.71
|
|
ROK
|
793
|
675.02
|
|
Russia
|
13
|
2.62
|
|
DPRK
|
24
|
6.84
|
Foreign investment in Jilin Province in
2005
(Source: website of Jilin Provincial Department of
Commerce)
|
No.
|
Country and Region
|
Investment Value (million US dollar)
|
|
1
|
Germany
|
161.82
|
|
2
|
US
|
132.92
|
|
3
|
Hong Kong
|
107.91
|
|
4
|
ROK
|
69.02
|
|
5
|
Foreign Investing Agency
|
48.16
|
|
6
|
Virgin Island
|
47.94
|
|
7
|
Japan
|
31.55
|
|
8
|
Singapore
|
15.53
|
|
9
|
UK
|
11.11
|
|
Total
|
|
625.96
|
(China.org.cn by staff reporter Tang Fuchun
September 3, 2006)
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