Zhejiang Province, an economic powerhouse in eastern China, had attracted US$13.07 billion in contracted foreign investment in the first 11 months of this year, a year-on-year growth of 7.7 percent.

 

According to the provincial foreign trade and economic cooperation authorities, Zhejiang actually used US$5.82 billion in foreign direct investment, or FDI, in the 11-month period, up 6.7 percent over the same period of last year.

 

Between January and November, Zhejiang approved the establishment of 711 enterprises each with foreign investment of more than US$10 million. They involved US$9.94 billion in combined contractual use of foreign capital, representing a year-on-year growth of 14.4 percent and accounting for 76 percent of the province's total pledged foreign investment.

 

Of Zhejiang's total FDI actually used in the 11 months, US$2.88 billion, or 49.6 percent, went to 62 economic and technological development zones.

 

So far this year, 15 Fortune 500 companies have launched 21 enterprises in Zhejiang, bringing the total Fortune 500 that have made presence in the province to 71, said the local foreign trade and economic cooperation authorities.

 

(Xinhua News Agency December 30, 2005)