Shenzhen City in south China's Guangdong province is home to 18,723 overseas financed businesses with a total registered capital of US$25.65 billion.
The number of overseas businesses registered in the city in the first nine months of the year was 2,222.
By September, US$29.6 billion of overseas capital had flowed into the city and 190 high-tech multinationals had chosen Shenzhen as a base for production, research and development, which has in turned promoted development of high-tech industries in the city.
From January to August, the output value of high-tech products made in Shenzhen was 101.6 billion yuan (US$12.24 billion), up 27 percent from the same period last year, accounting for 46.83 percent of Shenzhen's total industrial output value.
It is expected by the year of 2005, the city's high-tech industrial sector will generate 330 billion yuan (US$39.76 billion) in output value and contribute 25 percent of the city's gross domestic product (GDP).
Shenzhen, a boomtown facing Hong Kong across a river, is also one of China's five special economic zones. Its local economy is dominated by export-oriented businesses.
(eastday.com November 8, 2002)
