Business
Last updated at: (Beijing Time) Monday, August 11, 2003
Multinational companies eye Tianjin
Tianjin Municipality in north China approved 490 overseas-funded companies in the first half of this year, up 40 percent over the same period of last year, according to statistics from the local foreign economic and trade commission.
The city used 1.927 billion US dollars of contracted foreign funds, up 110 percent year on year, and 960 million US dollars in real terms, up 88 percent, both setting new city records.
The service industry took the lead in investment, with 179 approvals for service companies, using 750 million US dollars of foreign funds, accounting for 40 percent of the total.
Encouraged by the improved investment environment and big profits, 157 overseas companies increased investment in the city. The funds invested by those companies accounted for 21 percent of the city's total. Most of the funds was used in expanding production.
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