In 2000, Zhejiang province approved 1,642 FDI projects, with a total contract value of US$2.5 billion, a 16.8 per cent increase on 1999. The FDI in equity joint venture, however, decreased by 14.6 per cent. Solely owned foreign-owned enterprise increased by an impressive 47.1 per cent (see Table 7.11.4).
Approved contracts | Actual utilization | ||||
---|---|---|---|---|---|
Mode | Number | Total value (US$ million) year's total value | % change over previous year | Total value (US$ million) year's total value | % change over previous year |
1995 | |||||
Direct foreign investment: | 1,836 | 3,250.31 | 12.34 | 1,257.75 | 9.90 |
Equity joint ventures | 1,334 | 1,046.41 | 17.84 | 870.88 | 7.15 |
Contractual joint ventures | 113 | 362.36 | 50.46 | 93 | 86.07 |
Solely foreign-owned enterprises | 389 | 841.45 | -7.71 | 293.87 | 4.29 |
2000 | |||||
Direct foreign investment: | 1,642 | 2,509.48 | 16.8 | 1,612.66 | 5.2 |
Equity joint ventures | 973 | 823.18 | -14.6 | 674.59 | -21.1 |
Contractual joint ventures | 55 | 254.55 | 21.0 | 194.09 | 19.2 |
Solely foreign-owned enterprises | 614 | 1431.75 | 47.1 | 743.98 | 44.5 |
Most of these FDI projects were in the manufacturing industry. Among the 1,642 foreign-invested projects, 31 were in primary industry, 1,413 in secondary industry and 198 in tertiary industry. Hong Kong invested the most: US$665.85 million in 452 projects. A list of key sources of FDI is shown in Table 7.11.5.
Source | No. of | projects Contract value in million US$ |
---|---|---|
Hong Kong | 452 | 665.85 |
Taiwan Province | 299 | 322.41 |
United States | 265 | 305.78 |
Virgin Islands | 44 | 225.31 |
Japan | 147 | 176.05 |
By the end of 2000, 6,864 foreign-invested enterprises were in operation. These registered total annual sales of up to RMB169.4 billion (US$20.42 billion), 23 per cent more than in 1999. Of the total sales, US$5.573 billion came from export. Total profit of the operating FIEs was RMB12.85 billion, up by 48 per cent on 1999.