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FDI Hits Record High in NW China's Xinjiang
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Foreign direct investment into northwest China's Xinjiang Ugyur Autonomous Region hit a record high last year with nearly 100 newly approved foreign-funded projects, the regional government said.

The projects brought US$360 million of contractual investment, up 34 percent year-on-year, said Qian Yong, an official in charge of foreign trade and economic cooperation.

Meanwhile, Xinjiang's actual utilization of FDI more than doubled from the previous year to US$103 million, said Qian.

By the end of last year, the region had approved the establishment of 1,539 foreign-funded businesses and its actual use of overseas funds totaled US$728 million, he said.

Qian named two major projects as having spurred an investment flurry last year -- a Xinjiang-based water-saving irrigation company that went public in Hong Kong and Jinchuan Mining Co. Ltd, a Sino-Australian joint venture.

Xinjiang, whose borders run for over 5,600 kilometers, has set up trade ties with more than 100 countries and regions. The regional customs said foreign trade topped 9 billion U.S. dollars last year, with a trade surplus of US$5.17 billion.

(Xinhua News Agency January 30, 2007)

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