Zhejiang Province has worked out its strategic target to attract more overseas investment, helping it realize modernization by 2020, Vice-Governor Wang Yongming said on March 20.
The province intends to draw US$5.75 billion contractual foreign investment this year, an increase of approximately 15 percent on last year.
"The target can be achieved if we work hard enough," Wang said.
As part of its move to introduce foreign capital, Zhejiang will hold an Investment & Trade Symposium and China's first International Exposition of Daily Consumer Goods in the city of Ningbo on June 8.
Wang believes that the provincial government can optimize the industrial structure and professional competence in the province through the injection of foreign funds.
"We will put the spotlight on modern agriculture, upgrading traditional manufacturing industries, high technology, infrastructure facilities and the service trade," the vice-governor said.
The province has targeted an increase in per capita gross domestic product (GDP) to US$5,000 by 2020, from last year's US$1,777.
In order to realize the goal, the local government is encouraging foreign funds to participate in the restructuring and reform of State-owned enterprises in the form of taking controlling shares, holding shares, purchasing and joint managing.
Concerning agriculture, Wang said Zhejiang will focus on developing processed farm products using advanced technology from abroad which will also be used to update the way land is irrigated and quality seeds are developed.
Textiles, one of the province's pillar industries, will be revolutionized by using the latest technology from overseas to produce more high value-added goods.
At the same time, the province will promote the export of electric and machinery products by enhancing their competitiveness.
The products in information technology and computer components will be the category that enjoy the highest speed of growth.
Wang regarded infrastructure as the key base for further development, and the government places emphasis on building highways, ports and renovating the airport.
The province also involves active participation of foreign funds in waste water recycling and other environmental protection projects.
(Xinhua News Agency March 21, 2002)
