The eastern province of Shandong reported that actual use of overseas investment increased 73.7 percent in the first three months, according to the provincial foreign trade bureau.

The province used US$2.27 billion of overseas investment in the period, while contractual value of overseas investment hit US$3.2 billion, up 59 percent from the same period last year.

The Republic of Korea (ROK), geographically close to coastal province, remained the major source of foreign investment, the bureau said.

The province approved 529 investment programs funded by ROK enterprises, with contractual and actual use of money standing at US$1.19 billion and US$760 million respectively, both accounting for over one third of the province's total.

Shandong is one of the largest provincial-level economic bases in China and a major receiver of overseas investment in the country.
 
(Xinhua News Agency April 9, 2004)