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East China's Shandong Province has increased its presence overseas, largely by investing in 806 enterprises and organizations in 94 countries and regions.
These enterprises and organizations established by Shandong and its foreign partners involve US$1.04 billion in contractual investment, with more than US$690 million from Shandong.
In 2003 alone, the province set up 113 enterprises and organizations overseas, involving US$313 million in contractual overseas investment, up 41 percent year-on-year.
And the new projects in 2003 included six each with more than US$5 million of contractual investment and four with more than US$10 million each.
By the end of 2003, the number of units set up overseas by Shandong's private investors had reached 78, accounting for nearly 10 percent of the total funded by Shandong abroad.
Local investment overseas mainly goes to manufacturing, resources development, service and trade areas. Last year alone, Shandong funded US$87 million in 71 manufacturing projects overseas, accounting for 76 percent and 62 percent, respectively, of the year's totals.
So far, the province has invested in 99 processing projects overseas, with contractual investment reaching US$350 million.
The United States is home to 22 enterprises and organizations set up by Shandong, followed by the Republic of Korea with 13, Russia with eight and Canada and Japan each with seven.
(Xinhua News Agency March 14, 2004)
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