Beijing reports drastic rise in use of overseas investment

The national capital of Beijing ratified 694 overseas-funded projects from January to May this year, up 23.5 percent year-on-year, involving 2.26 billion US dollars of contractual overseas investment, up 110 percent year-on-year, according to the Beijing Municipal Commerce Bureau on Thursday.

Thirty-four percent of the projects, or 237, are related to the manufacturing sector, involving 1.12 billion US dollars of contractual overseas investment, 3.9 times the figure a year ago, noted the bureau.

The number of projects in the tertiary service sector amounted to 440, using 990 million dollars of contractual overseas investment, an increase of 30 percent year-on-year.

Thanks to the implementation of the Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) as of the beginning of this year, business people from Hong Kong funded 145 projects in Beijing from January to May, a rise of 27 percent year-on-year,involving 410 million dollars worth of contractual investment from Hong Kong, up 65 percent year-on-year.

Source: Xinhua