Top Biz News
New program on using foreign funds
(Xinhua)
Updated: 2006-08-02 16:46
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Efforts will be made to optimize and upgrade the foreign-funded industrial structure, encourage foreign investors to make contributions to the development of China's modern agriculture with emphasis on development of ecological agriculture and high-tech and high value-adding farming such as planting, breeding, comprehensive utilization of agricultural waste, tapping of biological energy, developing and manufacturing of modern farm machinery and equipment, deep processing of farm produce, and importing of modern farming technologies and managing systems.
Foreign businessmen will continue to be encouraged to invest in such industries as electronic information, petro-chemicals, chemicals and automobiles. They will be urged to take part in the reorganization and transformation of the country's traditional industries including machinery, light industry, textiles, raw materials, construction and building materials and to invest in infrastructure facilities and environmentally-friendly projects, especially ecological and environmental projects in central and western China. Besides, it is important to actively and steadily spur service-trade sectors such as banks, insurance, securities, telecommunications, commerce and freight transport to open wider to the outside world.
Large multinational companies are encouraged to shift their high-tech and high-value-adding processing and manufacturing sectors and their research and development institutions to China, and to set up production and manufacture bases, auxiliary bases and training bases so as to bring the effect of technological overflow into play and enhance Chinese enterprises' own ability to blaze new trails.
After being admitted into the World Trade Organization, China entered a new stage featuring comprehensive international economic cooperation and competition in utilizing foreign funds.
In the 10th Five-Year Plan period (2001-2005), China actually used a total of about 383 billion U.S. dollars of foreign funds, 34 percent more than in the Ninth Five-Year Plan period. The total includes 286 billion U.S. dollars of direct overseas investment, 38 billion dollars of funds raised by Chinese enterprises' listing abroad, and 46 billion dollars of overseas credit.
With State Council's approval, the program is drafted by the National Development and Reform Commission after consulting with 40 units at the level of ministries, 11 national industry associations, provincial governments throughout the country, some research institutes, enterprises and scholars, according to the preface of the program.
Foreign businessmen will continue to be encouraged to invest in such industries as electronic information, petro-chemicals, chemicals and automobiles. They will be urged to take part in the reorganization and transformation of the country's traditional industries including machinery, light industry, textiles, raw materials, construction and building materials and to invest in infrastructure facilities and environmentally-friendly projects, especially ecological and environmental projects in central and western China. Besides, it is important to actively and steadily spur service-trade sectors such as banks, insurance, securities, telecommunications, commerce and freight transport to open wider to the outside world.
Large multinational companies are encouraged to shift their high-tech and high-value-adding processing and manufacturing sectors and their research and development institutions to China, and to set up production and manufacture bases, auxiliary bases and training bases so as to bring the effect of technological overflow into play and enhance Chinese enterprises' own ability to blaze new trails.
After being admitted into the World Trade Organization, China entered a new stage featuring comprehensive international economic cooperation and competition in utilizing foreign funds.
In the 10th Five-Year Plan period (2001-2005), China actually used a total of about 383 billion U.S. dollars of foreign funds, 34 percent more than in the Ninth Five-Year Plan period. The total includes 286 billion U.S. dollars of direct overseas investment, 38 billion dollars of funds raised by Chinese enterprises' listing abroad, and 46 billion dollars of overseas credit.
With State Council's approval, the program is drafted by the National Development and Reform Commission after consulting with 40 units at the level of ministries, 11 national industry associations, provincial governments throughout the country, some research institutes, enterprises and scholars, according to the preface of the program.