Overseas investment of Ningbo increasing rapidly
- Details
- Category: Governmental News
- Published: Monday, 04 June 2012 10:06
According to Ningbo Bureau of the State Foreign Exchange Administration Bureau, in the first four months this year, the outward overseas investment by Ningbo enterprises reaches 269 million US dollars, increased by 200% above the same period of the previous year. Of the total, there are 7 projects whose outward investment each is above 5 million US dollars, covering 91% of the outward capital.
The rapid increasing overseas investment of Ningbo is a result of the healthy foreign currency environment. In recent years, the city has taken active measures to encouraged enterprises to "go out". The foreign exchange administration department simplifies the examination and approval procedures and taken such pilot measures as making loans overseas and establishing overseas financing platforms and so on. So far, the banks in Ningbo have registered 315 financing applications and made loans of 367 million US dollars. The banks are the direct channels for the enterprises to go out.
According to a related authority of Ningbo Bureau of Foreign Exchange Administration, The overseas loans by enterprises of Ningbo are mainly for overseas merging and floating capital.
The overseas investment is in the fields of the opening industries of Ningbo: the textile and clothes industries the wholesale and retail industry and the automobile manufacturing industry. The overseas investment is made mainly in Hong Kong, Germany, and Kampuchea. 60% of the investment is in Hong Kong, and 20% in Germany and other EU countrie
