E. China Province Encourages Foreign, Private Investors in Tourism Industry

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Last updated at: (Beijing Time) Tuesday, July 01, 2003

E. China Province Encourages Foreign, Private Investors in Tourism Industry

Fujian Province in east China is encouraging overseas investors and local private business people to invest in its fledgling tourism industry, according to local official sources.

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Fujian Province in east China is encouraging overseas investors and local private business people to invest in its fledgling tourism industry, according to local official sources.

The provincial government will allocate a special fund of 100 million yuan (about 120,000 US dollars) a year for boosting the industry, and meanwhile, local banks will also give priority to finance tourism companies.

A series of preferential policies have been issued, including the exemption of land-use fees for tourism projects worth 30 million yuan (about 3.6 million US dollars) or more.

Currently, 155 tourism projects are underway in the province, involving a total capital of 9.4 billion yuan (about 1.13 billion US dollars). Moreover, another 209 similar projects are waiting for an estimated investment of 1.6 million US dollars from overseas investors.

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