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Foreign Investment Expected in Shenzhen
Shenzhen,
one of China's five special economic zones, is expected to
absorb US$4 billion of overseas investment this year, 11 percent
more than last year.
The amount
of foreign direct investment is likely to rise 17 percent
to US$3 billion, Director of Shenzhen Administration of Foreign
Trade and Economic Cooperation Ye Minhui said Tuesday.
Foreign
investors have shown keen interest in shipping, subway and
light rail construction and aviation development, Ye said.
According
to the official, measures will be taken this year to facilitate
general trade exports by foreign-funded firms, and a breakthrough
will be made in terms of the logistics industry this year.
Negotiations
are underway between Shenzhen and a dozen transnational companies
including Sony, Hitachi, Wal-Mart and IBM for the establishment
of distribution centers in Shenzhen, Ye revealed.
Last year,
Shenzhen set a record in using US$3.6 billion of foreign investment,
21 percent more than the previous year. (People's Daily February
20, 2002)
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