Statistics show that a total of 35 private enterprises in the city had set up joint ventures with overseas investors by the end of last February, with a contractual investment of US$54 million.

In the first two months of this year, six private businesses reached cooperation agreements with overseas enterprises, involving an overseas investment of US$23 million, according to the statistics.

The joint ventures set up by the city's private sector with their overseas partners concentrate on textiles and machinery, which have comparative advantages in competition.

Some private businesses went abroad to engage in contractor work, labor services and the processing trade. Last year, a local private company set up its textile product business in Cambodia.

(Xinhua 03/27/2001)