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Coastal Province Encourages Investment, Consumption
East China's Zhejiang Province maintained a rapid growth in its investment and consumption sectors in 2002, said the provincial statistics bureau.

Last year, the province received 345.8 billion yuan (US$42 billion) of domestic investment in fixed assets, an increase of 24.9 percent over the previous year.

About 231.6 billion yuan (US$28 billion) came from the private sector, up 33.2 percent over 2001, which contributed 67 percent to the gross domestic investment.

Last year, the province approved the establishment of 3,364 foreign-invested enterprises and received direct foreign investment of US$3.16 billion, up 45.6 percent and 43 percent respectively.

Meanwhile, an increase was also reported in gross retail consumption, which totaled 287.8 billion yuan (US$35 billion) in 2002, up 12.6 percent. It had the second highest growth rate, after Tianjin Municipality, in China.

(Xinhua News Agency February 6, 2003)

Zhejiang's Agriculture Stable in 2002
Zhejiang Leads China in Private Economy
Zhejiang Province Records 70 Billion Yuan in Tourism Revenue Last Year
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