Utilization of foreign capital

Contracted foreign direct investment amounted to US$329.38 million in 2000. This was a slight drop of 3.17 per cent compared with 1999. The decline in the total contracted FDI was attributed to the decrease in the total investment in equity joint ventures (see Table 7.37.4).

Table 7.37.4: Utilization of foreign capital, Nantong City, 1995 and 2000

	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:	498	1,256.17	220.75	307.63	34.48
Equity joint ventures	408	491.44		177.38
Contractual joint ventures	20	32.12		57.72
Solely foreign-owned enterprises	70	732.61		72.53
2000
Direct foreign investment:	229	329.38	-3.17	142.92	-49.54
Equity joint ventures	140	97.48	-55.22	57.26	-75.89
Contractual joint ventures	7	40.11	204.32	10.10	72.35
Solely foreign-owned enterprises	82	119.19	75.5	75.56	89.71

Among the 229 projects with direct foreign investment, 217 were production- related and the remaining 12 were non-production-orientated. Foreign direct investment came from 31 countries and regions . Key sources of FDI are shown in Table 7.37.5.

Table 7.37.5: Key sources of FDI, Nantong City, 2000

Source	No. of projects	Contract value (US$ million)
Japan	69	111.72
Hong Kong	39	51.69
USA	30	46.51
Taiwan Province	22 8	.47
Republic of Korea	14	5.22
Singapore	6	5.07
Australia	5	9.77
British Virgin Islands	2	29.90
Bermuda	2	25.05
UK	2	8.70
Italy	2	8.56

In Nantong, 1065 foreign-invested enterprises had gone into production. According to the statements of operations submitted by 901 enterprises, total business revenue reached RMB22.687 billion; foreign exchange earned through export went up to US$1.31 billion, an increase of 30.3 per cent on 1999; profit/tax totalled RMB2.258 billion, and net profit was RMB1.110 billion. There were 34 enterprises altogether, each of which had a total profit and tax of over RMB10 million. Among these, 21 achieved net profit of over RMB10 million, nine more than in 1999.