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Province rolls out red carpet for investors
By Te Kan (China Daily)
Updated: 2006-06-16 11:37 "Investment from overseas Chinese entrepreneurs are the main investment
sources that have helped the country become the largest FDI absorber in the
world since the 1990s," Shen said.
Shen estimates that two thirds of the
country's FDI is actually from overseas Chinese entrepreneurs. "Thus, their
investment plays an important role in the country's economic development," Shen
said.
Shen predicted that a new wave of investments from Chinese
entrepreneurs is arising and will last for quite a long time, investment from
overseas Chinese entrepreneurs will remain the mainstream of the country's total
FDI.
"More and more multinational companies are casting their sights on
China and increasing their investment in the country, which would also
push overseas Chinese entrepreneurs to invest," he said.
The service
sector will attract the largest amount of investment in the near future, Shen
predicts.
There are more than 80 million overseas Chinese entrepreneurs
in the world, with total assets of more than US$3 trillion, according to the
Chinese Economic Weekly.
Heilongjiang Party Secretary Qian Yunlu said the
assets controlled by overseas Chinese entrepreneurs make them an important part
of the international capital that cannot be "overlooked".
Qian said the
development of Heilongjiang Province owes a lot to the contribution of overseas
Chinese entrepreneurs, who set up 95 per cent of the foreign-funded companies in
the province.
"The country's strategy of revitalizing the old industrial
bases is offering a golden opportunity for trade and economic co-operation
between Heilongjiang and overseas Chinese entrepreneurs," Qian said.
The
province is building some super-large coal mines, coal chemical parks and power
plants based on its rich coal resources, Qian said.
Another important
move of the province is an "industrial corridor", which will be built on the
salty land in the province.
The corridor includes a chain of major
industrial cities of the province - mainly Harbin, Daqing and Qiqihar.
It
will mainly focus on equipment manufacturing, petrochemicals, food,
pharmaceuticals, as well as high-tech industries, Qian said.
It is also
actively co-operating with Russia in importing and utilizing the electricity
resources of Russia, he said.
"All of these fields provide great
opportunities, and are awaiting the participation of overseas Chinese
entrepreneurs," he said.
(For more biz stories, please visit Industry Updates)
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