¡¶International Investment Express¡·
to reap handsome investment
By ZHAN LISHENG
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
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
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
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
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
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
involved in investigation
By HU MEIDONG
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.
Address:the 10th and 11th floors of Workers' Cultural
Palace, No 47 of Xinhua Road, Xiamen, 361003
Mailbox of the municipal government:: No 72 (9.8 mail
Director Office: 2669898
Vice-director Office: 2669888, 2052598, 2052098
General Office: 2669801
Exhibition Department: 2669818
The Second Exhibition Department: 2669863
Enquiry Department: 2669825
Project Department: 2669832
Introduction & Recommendation Department: 2669838
Convention Department: 2669857