Tianjin, an important industrial city in north China, has been expanding its use of overseas capital, according to the municipal bureau of statistics. In the first eight months this year, the city approved 846 foreign-invested businesses, an increase of 14.5 percent from a year earlier.

The city signed contracts on the use of 4.86 billion US dollars in foreign funds and actually used 2.1 billion US dollars, up 24.5 percent and 25 percent respectively over the same period last year.

In August, the city approved 84 solely overseas-financed enterprises, with a contracted investment of 487 million US dollars.

Most of the foreign funds went to such industries as services, real estate and manufacturing.

Investments from France, Taiwan Province, Singapore, Germany, the Republic of Korea and Japan increased by 57.7 times, 10.5 times, 8.3 times, 3.9 times, 1.9 times and 55.5 percent respectively in August.

Tianjin Development Zone, the Bonded Zone and the Hi-tech Park accounted for 393 million US dollars of the overseas investments in August, a year-on-year increase of 86.1 percent.

Source: Xinhua