Beijing's contractual and actual foreign investment set a 10-year record in 2004, with funds attracted to the manufacturing and tertiary industries making a significant contribution.
Statistics released yesterday by the
Beijing Commerce Bureau showed that contractual foreign investment rose 92 per cent to US$6.26 billion, and actual foreign investment increased 43 per cent to hit US$3.08 billion in 2004.
The city's manufacturing and service sectors were of particular interest to overseas investors in 2004, said Yan Ligang, vice-director of the bureau.
The city's manufacturing industry welcomed US$1.3 billion of foreign investment last year, a year-on-year increase of 130 per cent.
Moreover, "the telecommunications facility and equipment manufacturing sector outweighed others in terms of their growth rate," said Yan.
Combined contractual and actual foreign funds in the sector amounted to US$1.11 billion and US$600 million, six and three times the figures of 2003.
"Beijing has issued a series of policies to maintain the development momentum of its manufacturing sector, involving preferential taxes, streamlined administrative procedures, and priority treatment in terms of land use," said Guo Huaigang, director of the bureau's foreign investment development department.
Chen Jian, a researcher with the municipal government's policy study office, said the State-level
Beijing Economic and Technological Development Zone, the Tianzhu Airport Industrial Park, and some city-level industrial areas provided foreign manufactureres with a sound environment in terms of infrastructure, facilities and labour resources.
Tertiary industry has been identified as one of Beijing's key areas for development, with foreign investors rushing into the city's commerce, finance, tourism, real estate and advertising sectors.
In 2004, a total of 1,222 service projects were approved by the municipal government, with their contractual and real investment reaching US$3.87 billion and US$1.94 billion respectively.
"A breakthrough was obtained in the finance sector, as the central government gave the nod last year to four foreign solely-funded finance leasing companies to operate in China, with all of them settling in Beijing," said Yan.
And the chain retail sector boomed thanks to the municipal government's efforts to develop this sector.
A further seven foreign retailers were approved to enter
Beijing last year, bringing the total number of overseas commercial chain enterprises in the capital to 32.
