FDI in Beijing hits record high
(Xinhua)
Updated: 2006-01-07 20:32

Beijing attracted 5.79 billion U.S. dollars in contracted foreign investment and actually used 3.42 billion U.S. dollars in the first 11 months of last year, according to local economic cooperation authorities.

The authorities said foreign direct investment, or FDI, actually used in China's capital was a record high for the 11-month period.

Beijing approved establishment of 7,626 overseas-invested enterprises in the 2001-2005 period, a growth of 86 percent over the 4,100 level for the 1996-2000 period.

The city attracted 21.23 billion U.S. dollars in contracted FDI and actually used 12.2 billion U.S. dollars, up 81.1 percent and 23.3 percent respectively from the 1996-2000 period.

More than half of the FDI in Beijing went to modern manufacturing, the local economic cooperation authorities said.

According to latest data provided by the authorities, Beijing approved establishment of 2,529 foreign-invested manufacturing enterprises between 2001 and 2005, up 27.1 percent from the 1996-2000 period. The sector absorbed 6.61 billion U.S. dollars of contracted FDI, up 160 percent; and actually used 3.69 billion U.S. dollars.

Last year, foreign investors spent more in the modern service sector, ranging from consulting, real estate, catering and entertainment services to computer, software, information, banking and insurance and logistics services.