Overseas investors eyeing the market potential brought by China's pending WTO entry flocked to the China International Fair for Investment and Trade (CIFIT), Yao Shenhong, spokesman of CIFIT, said.
According to statistics from CIFIT, US$4.8 billion foreign investment was introduced to 1,027 projects, while 368 projects of intent were signed with an volume totalling US$3.3 billion at the fair.
A large proportion of the capital will flow to industrial and high-tech projects, real estate and tourism, Yao said.
Overseas investors are showing interest in large and medium-sized projects, which have attracted a contractual investment of more than US$3.2 billion divided among 146 projects.
The development of the central and western regions of China, which has become a priority for the country, also was highlighted at the fair.
Delegations from those regions signed 278 contracts and letters of intent totalling US$4.3 billion.
The enthusiasm from businesses and organizations remained high at CIFIT.
According to Yao, more than 8,900 officials from governments and trade associations and business people from 97 countries and regions came to the fair. Participant from Taiwan numbered 3,221 and accounted for more than 36 per cent of the total.
"It shows that with the improvement of the investment environment in the Chinese mainland, Taiwanese businesses' interests in investing in the mainland is stronger and stronger," Yao said.
The challenges China faces after its WTO entry became one of the hottest topics at the event.
Vice-Premier Wu Bangguo and chief negotiator for WTO membership Long Yongtu delivered speeches at an International Investment Forum during the fair to express China's determination to keep its promises to WTO members and participate in international economic co-operation.
Thirteen seminars were also held at the event by the Ministry of Foreign Trade and Economic Co-operation (MOFTEC) and other State departments to brief participants on the latest policy changes made to embrace WTO membership and measures to keep attracting foreign investment.
MOFTEC also acted as a co-ordinator for the domestic businesses that face particularly severe challenges from WTO entry, such as the textile, petro-chemistry and steel industries. MOFTEC encouraged them to provide their supporting products to multinational companies, and they signed contracts worth of 19 million yuan (US$2.3 million).
CIFIT also built a platform for China's go-out strategy, which encourages domestic companies to invest or export their expertise and technologies overseas. Thirteen seminars on investment in countries including Britain, South Africa and Viet Nam were held, attracting some 2,200 business people.
Xiamen, which has hosted CIFIT for the past five years, is scheduled to host the fair again next September, Yao said.
(chinadaily.com.cn 09/13/2001)
