Hubei province plans to more than double both foreign direct
investments in the region and its overseas trade within the next
five years, according to Li Hongzhong, acting provincial
governor.
Li, former Party secretary of Shenzhen, one of the pioneering
cities of China's reform and opening, said on Friday in his work
report to the first session of the 11th Hubei Provincial People's
Congress, that the province aims to secure more than $6 billion in
actual foreign direct investment a year by 2012, up from $2.77
billion last year.
Meanwhile, the province expects to boost its import and export
volume to more than $30 billion from the current $14.86 billion, he
said.
Li said Hubei will further improve its investment environment
and multinational companies will be welcomed as "strategic
investors".
Hubei expects multinational companies to establish their
regional headquarters, business branches and service centers in the
province, he said.
Over the next five years, overseas investors' priorities in the
province will include modern manufacturing and services, as well as
hi-tech and agricultural product processing, he said.
Wuhan, the capital city, will be a hub for foreign
investment.
Hubei plans to offer "a batch of good enterprises and projects"
for overseas investors' mergers and acquisitions this year.
By the end of last year, 80 of the world's top 500 multinational
companies had invested in Hubei, with five financial institutions
opening branches or representative offices.
This year, the province plans to boost its foreign direct
investment by 10 percent year-on-year.
He said Hubei will support local companies conducting
international operations in research and development, manufacturing
and sales to speed up the province's "go abroad" strategy over the
next five years.
The province will mainly promote the overseas shipment of
machinery and electronics, hi-tech, chemical and agricultural
products, as well as textiles and garments this year, he said.
He said Hubei will strive to grow its exports by 12 percent this
year from $8.17 billion last year.
Wuhan is one of China's national bases for automobile and spare
parts exports and software outsourcing.
(China Daily January 26, 2008)
