North China Province opens up for more foreign investments

Emerging Markets Economy, Jun 1, 2003

North China's Hebei Province has allowed private investments to flow into more economic sectors to promote the development of private businesses.

According to the province's small- and medium-sized enterprises administration, the province encourages private businesses to invest in basic industries including transportation, water conservation, electric power, garbage and sewage treatment and infrastructure construction, Xinhua reported.

Last year, the added value of Hebei's private businesses amounted to 216.3 billion yuan (26.2 billion US dollars), accounting for 35.3 percent of the provincial GDP. Private businesses invested 33.6 billion yuan (4.06 billion US dollars) in 3,192 project in 2002, and the involved investment accounted for 16.42 percent of the province's total for last year.