The profit margin made by overseas-funded enterprises in north China's port city of Tianjin municipality Tianjin reached over 10 percent in the first five months of this year, topping counterparts across the country, announced vice mayor Wang Shuzu.
Wang made the remarks in recent business talks between the city 's newly developed area and international petroleum giants.
He said that overseas-funded firms, especially manufacturers such as Motorola and Samsung, are all making profits. The five- month gross domestic product of these firms was nearly 50 billion yuan (US$600 million), with a net profit of 5 billion yuan.
The vice mayor attributed the high return to the three competitive advantages of Tianjin's strategic locality, favorable policies and abundant resources.
Tianjin introduced a number of preferential policies in developing and managing the port, development zone, bonded area, import and export processing zone and the large-scale industrial base.
The city boasts resourceful petroleum, natural gas, terrestrial heat and aquatic products. In addition, it has a pool of tens of thousands technical personnel and a skilled workforce of one million, which strongly back the high-tech industry.
The vice mayor told Xinhua that the municipal government has adopted favorable policies in tax levy and service to facilitate those overseas-investors to conduct businesses.
(People's Daily 07/04/2001)
