The use of overseas investment will continue to be one of the key components in the overall strategy for accelerating the export-orientated economy of Tongshan County, said Miao Xinhua, secretary of the county's Party committee.
To bring about fast economic and social development, the local government set up a new district nine years ago to attract overseas investment.
Over that period of time, a total of about 700 million yuan (US$85 million) has been put into infrastructure construction of the 10-square-kilometre area.
"We have created a good environment for investors to develop and expand their businesses here," said Miao.
Located in the northern part of East China's Jiangsu Province, close connections to four other provinces, Tongshan County is in a favourable geographical location with a convenient rail and highway transport network which is conducive to the attraction of overseas investment.
This good location plus preferential policies have led to an extremely rapid growth of the new district since the late 1990s.
The preferential policies include tax reductions and exemptions, low land prices, and priority in the use of venture capital.
So far, the new district has drawn a total investment of 3.85 billion yuan (US$465 million) from about 550 overseas enterprises.
(China Daily 07/17/2001)