The new Beijing Municipal government would work hard for a much better environment for investors over the next five years, Zhang said, adding that their work in 2003 would focus on reducing costs for foreign-funded companies.

He noted that the government would crack down on illegal activities like arbitrary charges, quotas and fines for enterprises to lessen their extra pay out.

Meanwhile, Beijing would also adjust its land supply to lower the cost of land use. Land prices in Beijing were well above the national average, especially land for commercial use.

To further optimize the investment environment, Beijing would start open and apparent bidding for commercial land trading, said Xie Jingrong, an official from Beijing Municipal Department of Housing and Land Management.

Xie said the land for first-hand development would be open to public bidding and developers could acquire the rights for land use through transfers, leasing, assignment and shareholding.

(Xinhua News Agency April 10, 2003)