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in the first half
central government's
investment into the
industries, financial and information services, and
transportation; and also to spread the new foreign-funded
projects beyond the coastal region where more than 80% of
the existing foreign investment is concentrated. Moreover,
it is stated that new foreign investment in hotels, even in
the special economic zones, will be discouraged. However,
in
practice the intentions of the central government are
not always faithfully observed by the local authorities.
Since authorities at the provincial level are allowed to
approve foreign-funded projects of less than US$30 million,
they can still exercise a considerable degree of discretion
on these projects.
of this year(28). Currently, the
objectives are to channel new foreign
following sectors: agriculture, basic
19.
The Xiamen
International Bank (XIB), which was
established in 1985 and is the first joint-venture bank
incorporated in China, completed its capital expansion in
A total of HK$200 million was injected
July
1991(29).
•
(28)
(29)
Up
to end-1990, the value of realised foreign capital in China amounted to US$68.1 billion, of which US$19 billion belonged to direct foreign investment. These represented 67% and
47% respectively of their corresponding pledged values.
For Guangdong, the realised values of foreign capital and direct foreign investment amounted to US$12.4 billion and US$6.6 billion. These represented 51% and 36% respectively of their corresponding pledged values.
Before this new capital injection, the Fujian branch of the Industrial and Commercial Bank of China held 25% of the XIB's paid-up capital, the Fujian Investment and Enterprise Corporation 15%, the Construction and Development Corporation of Xiamen Special Economic Zone 10%, and the Hong Kong listed Min Xin Holdings Ltd. (representing the interest of the Fujian Provincial Government) 49%.
the
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