Jiangyin Attracts 300 Million Dollars in Investment in HK

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Last updated at: (Beijing Time) Tuesday, September 10, 2002

Jiangyin Attracts 300 Million Dollars in Investment in HK

Jiangyin, a small county-level city in east China's Jiangsu Province, secured eight investment agreements in Hong Kong Monday, valued at about 300 million US dollars.

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Jiangyin, a small county-level city in east China's Jiangsu Province, secured eight investment agreements in Hong Kong Monday, valued at about 300 million US dollars.

Speaking at a trade and investment forum, Wang Weicheng, secretary of Jiangyin City Committee of the Communist Party of China, said Hong Kong and Taiwan companies had already played an important role in the city's economic development.

Wang said that more than 1,000 companies with investments from Hong Kong and Taiwan companies had been approved to operate in Jiangyin so far, with a total investment of 3.1 billion US dollars.

Jiangyin, on the south bank of Yangtze River and 150 kilometerswest of Shanghai, is a provincial-level economic development zone of Jiangsu province and boasts an excellent investment environment,he said.

The county-level city ranked number one in financial income in 2001 in Jiangsu, with its GDP up 11.7 percent over that of 2002 at36.5 billion yuan RMB (4.4 billion US dollars) and its revenue up 44 percent over that of 2002 at 3.603 billion yuan RMB (434.1 million US dollars).

Jiangyin has made efforts to transform and upgrade its traditional textiles, metallurgical, chemical, color printing and packaging and machinery industries -- major contributors to its GDP output.

With its distinctive advantage of being a port city, Jiangyin was approved by the State Council in 1992 as the first-class port city opened up to the outside world.

Jiangyin port now has 45 berths, including 19 that can dock ships of 10,000 tons or more, and handled 15 million tons of cargoin 2001.

Approved by the Ministry of Science and Technology in 2001, theport city is now devoting itself to developing a 35-kilometer-longand five-kilometer-wide zone of new materials industry along the Yangtze River, he added.

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