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| Foreign investment favors China's Rongcheng city |
| CCTV.COM 2003-07-28 09:07:42 |
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The coastal city of Rongcheng in east China's Shandong Province has been benefiting from trade with South Korea due to its location close to the Korean Peninsula. On Sunday the city signed 100 cooperation projects with a number of countries and regions, and more than half of the investment comes from South Korea.
The 100 projects translate into a total value of over 5 billion yuan, or about 600 million US dollars. The investors come from South Korea, Japan, the United States, Canada, Jordan and Hong Kong SAR.
South Koreans have taken up to 64 percent of the projects, including a joint auto manufacturing base with Hyundai Motors in Rongcheng City. Hyundai has pledged an initial investment of 24 million US dollars.
Tang Guangyun, an official of Rongcheng City, said, "We will try hard to improve our service to create a sound business environment with low costs and high profits without inconveniences. With more foreign investment coming in, Rongcheng is gaining momentum for further opening up."
Rongcheng city is located on the easternmost stretch of China's Jiaodong Peninsula. It has been at the forefront of trading activity with South Korea due to its strategic location, which offers an important gateway into China.
So far, more than 400 enterprises with South Korean investment have been set up in the city. The two sides have also jointly created a fruit processing zone, an industrial park and a trading center.
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Editor: Yang Feiyang CCTV.com
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