In 1998, Zhejiang made great achievements in foreign trade and economic cooperation, which is playing an important role in the sustained stable growth of the province's economy.

Sustained Development of Foreign Trade In 1998, Zhejiang's total turnover of foreign trade reached 14.85 million US dollars, an increase of 4.3 percent over the previous year. Of this, 10.87 billion US dollars was contributed by exports, an increase of 7.7percent and putting Zhejiang in fourth place in China. At present, the province has established trade relations with over 180 countries and regions and exports more than 2,000 kinds of commodities. In terms of foreign trade enterprise profits, Zhejiang ranks first among all the provinces in China. Zhejiang is also the first province to be granted the right to delegate autonomy in foreign trade to its counties. There are 1,257 foreign trade enterprises, and the number of enterprises possessing direct import and export rights is 751.

Wider Scope for Foreign Investment By the end of 1998, its total contracted foreign investment had come to 27.76 billion US dollars, among which 7.01billion US dollars, 25.3 percent of the total, were loans from foreign countries. Its total contracted direct investment came to 19.8 billion US dollars, which accounted for 71.3 percent of the total. And its stocks issued abroad and other circulated funds came to 950million US dollars, accounting for 3.4 percent. Besides the emphasis on manufacturing industry, foreign investment in the province's agriculture, traffic, and postal and telecommunications services has been rapidly improved. 784 projects have foreign investment of over 10 million US dollars each. Among the largest 500 transnational corporations in the world, 48 have invested in a total of 90 enterprises in Zhejiang. In 1998, the province authorized 965 foreign-invested enterprises, with the contracted foreign investment of 1.834 billion US dollars, an increase of 51.6 percent over the previous year.

Stable Development of Foreign Economic and Technological Cooperation Zhejiang has engaged in economic and technological cooperation with over 50 countries and regions, and has set up 471 enterprises in over 60 countries and regions. In 1998, the province laid particular emphases on contracted projects and labor services abroad. It also attached importance to trade and technology links, and continued to expand overseas markets. Contracted cooperation projects completed so far were worth 300 million US dollars, an increase of 29.6 percent over the previous year. Some 10,000workers have been sent abroad on labor service contracts. The province has set up 52 enterprises overseas, with a total investment of 27.24 million US dollars.

Zhejiang Provincial Association for cultural Exchange with Foreign Countries
Address:1 Shengfu Road, Hangzhou City P.R.China Tel:(0571)7052500 7057125
Fax:(0571)7054686
Zip code:310025

---

Return to Home
Return to www.ChinaPages.Com
Copyright 1997, ChinaPages©
Designed by Webworm
Supported by Dife-Hope