US$3.2b investment to go to old industrial base
(Xinhua)
Updated: 2004-07-21 02:08

A total of 366 contracts, agreements or letters of intent with a total investment of US$3.241 billion were signed at an international convention which closed Tuesday in Shenyang, capital of northeast China's Liaoning Province.

These are major achievements made at the Second Session of Cooperation & Exchange Convention of Overseas Chinese Enterprises on Science & Technology Innovation, which began on Sunday.

Northeast China, ever the most important industrial base of China, is drawing close attention from overseas Chinese enterprises now.

Of the 3.241 billion US dollar investment, that from overseas Chinese enterprises covers over 66 percent.

According to Chen Zhenggao, mayor of Shenyang, some 60 percent of more than 8,000 foreign-funded enterprises in the city were established by overseas Chinese businessmen.

"Overseas Chinese businessmen have become an important force in promoting the economic development of Shenyang," said Chen.

Although it's his first visit to northeast China, Bong Hon Liong, deputy director of the general chamber of commerce for Malaysia-China economy and trade, noted that the region is of great attraction to overseas businessmen.

"Northeast China, although not so developed as southeast China, has more potential in absorbing investment," said Bong Hon Liong.

According to Bong, his visit to northeast China is to size up the investment environment and enterprises of the region to attract more businessmen of Malaysia who have an interest in this region.

Cooperation between enterprises of northeast China and the international market will produce win-win results. It will optimize the structure of production, change the economic mechanism and improve the competitiveness of northeast China, said Li Haifeng, deputy director of the Overseas Chinese Affairs Office of the State Council.