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Central China's Hubei Province has set its goal for attracting overseas investment at US$10 billion in the tenth Five-Year-Plan period (2001-2005).
In an interview with Xinhua, Deng Daokun, deputy governor of Hubei, said the key tasks in this regard for the forthcoming five years would be to attract more multinationals to develop high-tech industries, export-oriented businesses and upgrade traditional industries in Hubei, and to expand the opening-up of the province's infrastructure sector and service trade.
It is expected that the inflow of overseas investment into this central Chinese province will hit US$2 billion this year, including US$1.55 billion in foreign direct investment and US$450 million worth of loans from overseas.
Hubei, known as the "thoroughfare of nine provinces"-with the Yangtze River flowing from west to east and the Beijing-Guangzhou Railway running from north to south-is located right in the middle of the country's main water artery. It is also a well-known area for fish and rice.
The province has had an inflow of overseas investment totaling US$6.429 billion since China introduced a reform and opening up policy in 1978.
(21dnn 05/09/2001)
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