Two thirds of foreign businesses in China have made profits and two fifths of multinational enterprises in China have reported a profit margin larger than their global average, a leading Chinese entrepreneur said Wednesday.

"China has become a platform of production and sale for foreign investors, which in turn have gained huge returns from China," said Chen Jinhua, president of the Chinese Association of Entrepreneurs and also president of the Chinese Federation of Enterprises.

He made the remarks at the 19th Annual Conference of the International Network of Private Business Organizations (INPBO) that closed on Wednesday in Haikou, capital of China's southernmost province of Hainan.

"Foreign investors in China remitted profits worth US$250 billion to respective countries in the 1990-2004 period," Chen said.

According to statistics from the Chinese Association of Entrepreneurs, China has approved more than 557,600 foreign businesses involving total investment of US$600 billion by the end of last September.

Among the top 500 global enterprises, 450 have invested in China and more than 30 multinational enterprises have set up regional headquarters and 750 research and development centers in China.

In 2004 alone, foreign enterprises have sold US$400 billion worth of products on Chinese market and exported US$350 billion worth of China-made products to global market.

Chen said that China would continue its basic policy of opening-up and continue to make effective use of foreign investment. "I believe these measures will provide new and broader opportunities for foreign investors," he said.

The 19th INPBO Annual Conference was jointly sponsored by the China (Hainan) Reform and Development Institute, the Hainan Provincial Government and the Chinese Association of Entrepreneurs.

(Xinhua News Agency November 3, 2005)