Province rolls out red carpet for investors

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.

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