Zhejiang Province, an economic locomotive in eastern China, reported a 28.5-percent year-on-year growth in foreign trade in the first eight months of this year, despite the appreciation of Renminbi during the period.

According to customs house in Hangzhou, the provincial capital, Zhejiang's foreign trade amounted to 68.75 billion US dollars in the eight-month period, up 28.5 percent over the year-earlier level.

The total sum included 19.82 billion US dollars in import volume and 48.92 billion US dollars in export volume, up 13.1 percent and 36.1 percent respectively.

As major exporters, foreign-invested companies and private enterprises in the province respectively sold abroad 16.95 billion US dollars and 14.56 billion US dollars worth of goods in the Jan.-Aug. period.

In terms of commodities, export volume of machines and electronics and new- and high-tech products increased dramatically.

Between January and August, Zhejiang exported 18.73 billion US dollars worth of machines and electronics, up 41.8 percent; and 3.46 billion US dollars worth of new- and high-tech products, up 59.5 percent.

In a related development, Zhejiang approved the establishment of 1,986 companies backed by foreign direct investment, or FDI, in the eight months, 495 less than the year-earlier level.

The newly registered companies involved 8.21 billion US dollars in combined contractual foreign capital, down 6 percent from the year-earlier level. But foreign capital actually in place rose 1.5 percent to 3.82 billion US dollars.

Source: Xinhua