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FDI in China to remain at US$50b: official
Updated: 2004-07-30 21:47

The actually utilized foreign direct investment in China is expected to remain at US$50 billion this year, and the Chinese overseas investment will exceed US$2 billion, a Chinese senior trade official said Friday.

Yu Guangzhou, vice minister of Commerce, made the remarks at a press conference held by the State Council Information Office in Beijing.

"In the first six months, contractual FDI reached US$72.7 billion, up 42.7 per cent year on year. Actually utilized was US$33. 9 billion, a year-on-year increase of 12 per cent," Yu said.

The structural quality of utilized FDI was also improved, Yu said, noting that FDI in the hi-tech sector witnessed a significant increase.

In the first six months, contractual FDI in the manufacturing sectors of specific equipment, general equipment and computer and communication facilities have been increased by 195 per cent, 75 per cent and 73 per cent respectively, Yu said.

The number of foreign-funded research and development centers in China has surpassed 600 so far. Over 30 regional headquarters of multinational companies have been established in China, he said.

FDI in China was US$53.5 billion last year, up 1.44 per cent.

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