Twelve more of the world's Top 500 firms have started to invest in Guangzhou so far this year, bringing the total to 127, according to the municipal government.

The 12 firms have invested a total of US$904 million in 15 projects in Guangzhou, the municipal administration of industry and commerce said yesterday.

The number of new foreign-funded firms in Guangzhou has hit 818 so far this year, 16 percent more than last year, bringing the total to 7,931.

Among them, large projects with an investment of more than US$10 million each, total 123, compared to 67 last year.

Among the large projects are car and car engine joint ventures between Guangzhou Automobile Group and Japan's top automaker Toyota Motor, with registered capital of US$132.9 million and US$157.06 million respectively.

Following the arrival of top Japanese auto firms like Toyota, Nissan and Honda, new auto-related firms are mushrooming, with 66 set up so far by foreign investors, 88 per cent more than last year.

The implementation of the Closer Economic Partnership Arrangement (CEPA) free-trade pact between the mainland, Hong Kong and Macao since the beginning of this year has helped the growth of overseas-invested logistics companies in Guangzhou.

A record 19 such firms, including 10 by Hong Kong and Macao investors, were set up in the city this year, compared to six last year, the administration said.

(China Daily November 30, 2004)