Almost 480 of the Fortune 500 companies have invested in China during the past 30 years, Du Ying, deputy minister in charge of the National Development and Reform Commission said on Monday.

From 1978 to 2007, China's total use of foreign investment exceeded US$760 billion, the largest amount among developing countries and the second largest worldwide, said Du at a national economic conference held in Wuhan, Hubei Province.

In 2007 alone, China's foreign direct investment reached US$83.5 billion and outbound investment stood at US$18.7 billion, both soaring from less than US$20 million in 1978 when the country initiated the policy of reform and opening up to the outside world.

Meanwhile, the country's foreign trade also experienced a rapid growth, from US$20.6 billion in 1978 to US$2.17 trillion last year.

"By using both the markets and resources from home and abroad, China has improved its international competitiveness remarkably," he said.

(Xinhua News Agency May 6, 2008)