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Shanghai has become a leading recipient of capital, not only from abroad, but also from other parts of the country. Last year the city accumulated 50.65 billion yuan (US$6.102 billion) in investment from other parts of China, representing a year-on-year increase of 84.6 percent, with a daily average at 130 million yuan (US$15.66 million). According to the latest statistics from the local bureau for industry and commerce, 6,427 wholly-owned or controlling enterprises were set up last year by Chinese businesses outside Shanghai, with each having a registered capital of over 1 million yuan (US$120,000). Their combined registered capital was 54.64 billion yuan (US$6.58 billion). The catering and manufacturing sectors ranked first and second respectively among Shanghai industries in terms of capital absorbed from other parts of China. The property development business also attracted big capital in 2002, with investment from outside the city double that of the previous year. Beijing ranked first in terms of registered capital for enterprises it launched in Shanghai, which amounted to 22.99 billion yuan (US$2.77 billion) last year. It was followed by Zhejiang and Jiangsu provinces in east China.