Guangzhou, one of China's major southern gateways to the outside world, is determined to attract more overseas investment this year by further opening retail sale, insurance, logistics, education and public health, sports and intermediate services to more overseas investors.
Jiang Houxi, head of Guangzhou City Commission of Foreign Trade and Economic Cooperation, said the city would make greater efforts to divert the flow of overseas investment and improve the capacity of attracting overseas funds during the Tenth Five-Year-Plan Period (2001-2005).
While continuing to attract a small amount of overseas investment, the city will carefully select a number of lucrative scientific and technological projects for multinationals to make investments. Overseas investors will be encouraged to make investments in the city's real estate development programs and major infrastructure projects, said Jiang.
Overseas investors will also be encouraged to participate in technical upgrading, reform and reorganization in State-owned enterprises, said the official, who also urged an early establishment of Sino-foreign funded high-tech and new product research center and listing of major local conglomerates on overseas bourses.
Guangzhou, also capital of Guangdong Province, last year had an inflow of US$3.115 billion of overseas investment, the third year with the inflow of overseas investment exceeding US$3 billion, said the official.