Foreign cash to aid Xi'an ( 2003-10-24 09:11) (China Daily)
The local government of Xi'an, the capital of Northwest China's Shaanxi
Province recently announced its latest decision on pillar industries expected to
be backed by foreign investment.
The high-tech sector involving information technology, pharmaceutical
production and the development and research of energy-saving equipment tops the
list for projects seeking overseas investment.
Also, traditional industries involving textiles, food and beverage processing
and chemical products manufacturing are expected to be renovated with overseas
investment, said Huang Xingshen, vice-mayor of Xi'an.
Public facilities for transportation, telecommunications, water, heat and
electricity supply and garbage disposal are also major areas seeking foreign
investment, he said.
Farmland irrigation, agricultural goods processing and the improvement of
wasted area are also high on the list for projects to be developed by foreign
investment.
Huang also announced that foreign investors are also allowed to establish
banks, insurance companies, tourism agencies, shops and foreign trade firms in
the city.
They are also encouraged to establish joint venture accounting firms, law
firms, engineering designing companies and cargo logistics businesses in the
city.
Foreign investors are also welcome to play a part in the restructuring of
State-owned enterprises through purchasing, merging and buying stocks, he said.
Xi'an, capital of Shaanxi Province, is a centre of science, culture,
education, commerce, finance and industry in Northwest China. Its gross domestic
product (GDP) enjoyed annual increases of over 13 per cent in the last decade.
The latest statistics from the Xi'an city government showed investors from 58
countries and regions have established about 2,560 enterprises in Xi'an. The
project involved combined investment of US$9.89 billion. About 68 per cent of
the projects are engaged in industrial production.
Nineteen of the world's top 500 enterprises, including ABB of Sweden,
Mitsubishi, Toshiba and Fujitsu of Japan, Coco-Cola of the United States have
established 21 companies.
