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City to reap handsome investment

Express staff

Xiamen, the host city of CIFIT, aims to reap an unprecedented great harvest of foreign capital at the upcoming 7th session of CIFIT.
The city will hopefully ink agreements and contracts for at least 51 projects at the grand annual event, involving foreign capital inputs of at least US$814 million, a recent official bulletin indicated.
Of them, seven are the city's key projects.
Contractual foreign investment to be secured will at least top US$654 million at the fair, a record high.
The would-be bumper harvest of foreign investment can be attributed to Xiamen's innovative mechanisms to attract foreign investors, noted Zhang Changping, mayor of Xiamen.
According to the mayor, Xiamen has benefited tremendously from the innovative mechanism to lure foreign investment in the past few years.
Thanks to the innovative mechanism to seek foreign investment, the city used foreign investment of US$1.19 billion yuan last year, making up 28 per cent of the total in Fujian Province.
And despite the unfavourable influence of the SARS epidemic, the city actually used foreign capital of US$653 million in the first half of this year, up 20.1 per cent from a year ago.
And another 176 foreign-invested enterprises were officially permitted for establishment in the six months.
According to the senior official, Xiamen has attached much importance to seeking investment for industrial link projects, encouraging foreign business people who have invested in the city to introduce new investors to Xiamen, and taking good advantage of the online platform for foreign capital inflow.
And the city has cashed in on many investment fairs at home and abroad including the annual events of CIFIT and the Strait Scientific and Technological Achievement Exchange for the maximal foreign capital input.
In terms of industrial link, he said, Xiamen is developing chemical industry, machinery and electronics into pillar industries while focusing on the development of the fledgling industries of optical electronics, bio-engineering and software.
The industrial link incumbent on the pillar industries implies many business opportunities, which attract many foreign investors, he said.
The city will propose some 20 projects linked to chemical industry and 28 projects linked to the electronic industry at the 7th session of CIFIT.
Total investment for the industrial link projects of the three pillar industries will reach 7.65 billion yuan (US$921.91 million), and a capital input of 3.45 billion yuan (US$415.30 million) will be accomplished this year.
He said that Xiamen will organize delegations to the United States, Canada, Japan, South Korea, Singapore, Malaysia, Germany and North European countries to make the ideal investment climate of Xiamen better known and to seek more investors there this year.
Foreign investment has played an active role in boosting the economic development of the city.
Industrial output value of foreign-invested enterprises makes up 85 per cent of the city's total at present; their imports and exports volume accounts for 65 per cent.
And the foreign-invested enterprises contribute to 40 per cent of the city's tax income while providing more than 300,000 job vacancies to the society.


Firm involved in investigation

Express staff

XOCECO Xiamen Overseas Chinese Electronic Co.,Ltd announced on July 23 that it had been selected as a respondent in the ongoing dumping investigation on color televisions from China.
"We are pleased to learn that we will have a chance to participate in this dumping investigation,'' said Guo Zeli, general manager of XOCECO.
"We requested the opportunity to participate in this case, and we appreciate that the DOC has accepted our request to participate," said Guo. "This is the beginning of a long process, but we are confident that when if the DOC objectively and fairly considers all the facts, it will agree that XOCECO has been selling at reasonable prices.''
"With this opportunity, we also want to express our satisfaction with the efficient work, which were ever done by US lawyer James Durling and Chinese lawyer Fu Donghui for this case in the past."
Under U.S. law, the DOC must decide which companies will be specifically investigated. Those companies will then receive their own company specific dumping margin.All companies which are not specifically investigated will receive an overall dumping rate for all of China, not their own specific dumping margin.
"XOCECO is happy to participate in this case, because XOCECO can now work to obtain its own company-specific dumping rate,'' said Guo. "We now do not need to worry about being assigned the dumping margin based on the behavior of other companies. We want to continue our long term strategy of serving as a stable and reliable long term supplier to leading U.S. retail companies,'' said Guo. "Our focus has always been on mutually profitable long term business relationships, not big export surges or one time sales.We plan to continue this long term strategy.''
If the dumping case continues on its current timetable, the DOC will make a preliminary determination on October 9, 2003. This preliminary determination will announce dumping margins for those companies being investigated.
XOCECO is working with two leading legal experts on antidumping investigations, Willkie Farr & Gallagher of the United States and Chai & Fu of China.
"With our hard work, and the help of our legal experts, we are confident that the results will positively reflect our efforts." said Guo.



The executing body of the Fair for Investment & Trade ----China (Xiamen) International Investment Promotion Center will move its office to the 10th and 11th floors of the mansion in the eastern part of Workers' Cultural Palace in Xiamen.
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