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More Foreign Investment Expected in Shenzhen

Shenzhen, one of China's five special economic zones, is expected to absorb US$4 billion of overseas investment this year, 11 percent more than last year.

The amount of foreign direct investment is likely to rise 17 percent to US$3 billion, Director of Shenzhen Administration of Foreign Trade and Economic Cooperation Ye Minhui said Tuesday.

Foreign investors have shown keen interest in shipping, subway and light rail construction and aviation development, Ye said.

According to the official, measures will be taken this year to facilitate general trade exports by foreign-funded firms, and a breakthrough will be made in terms of the logistics industry this year.

Negotiations are underway between Shenzhen and a dozen transnational companies including Sony, Hitachi, Wal-Mart and IBM for the establishment of distribution centers in Shenzhen, Ye revealed.

Last year, Shenzhen set a record in using US$3.6 billion of foreign investment, 21 percent more than the previous year. (People's Daily February 20, 2002)

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