Statistics show that the city had approved over 420 overseas-funded projects by the end of May, involving a total US$1.7 billion of contracted investment.

The amount of actually used overseas funds reached US$590 million, up nearly 30 percent year-on-year.

The increase is primarily attributed to the Asian countries, with Singapore, Japan and the Republic of Korea standing prominently.

While flowing mainly into manufacturing, overseas funds used in the agricultural sector also reported a sharp increase.

Meanwhile, the city's foreign trade also registered a rapid growth.

According to local customs, foreign trade volume totaled US$5.4 billion in the first five months, up 36.7 percent over the same period last year.

(Xinhua 06/20/2001)