Chinese School - Investment: Fair reaps US$23b contracts

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BIZCHINA / Biz Media Digest

Investment: Fair reaps US$23b contracts

(Xinhua)
Updated: 2007-09-12 14:27

The 11th China International Fair for Investment and Trade ended Tuesday
with the signing of investment projects worth US$22.99 billion, including
US$19 billion from overseas investors, organizers said.

A total of 1,070 investment projects, were signed at the four-day fair, a
national investment promotion event held annually since 1997 in Xiamen,
Fujian Province.

The fair attracted a record 13,000 businessmen from 119 countries or
regions, 419 investment agencies, and 102 leading chain enterprises from
overseas, according to the organizers.

Chinese companies who planned to invest overseas also signed 63 intention
agreements involving US$557 million with foreign institutions.

Vice Premier Wu Yi at Friday's opening ceremony had called on
multinationals to strengthen their cooperation on technological
innovation with local partners.

"The Chinese government will actively explore new ways for foreign and
overseas investment so as to participate in the international economic
cooperation on higher levels and in broader fields," she said.

Wu announced the Chinese government would offer four billion yuan (US$530
million)?for low-interest loans in the next three years to Chinese firms
to encourage investment in Caribbean countries at the second
China-Caribbean trade and economic cooperation forum during the fair.

Since 1997, the fair had cumulatively attracted nearly US$70 billion of
overseas investment to China prior to the fair just concluded.

(For more biz stories, please visit Industry Updates)

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