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Investment growth continues in Kunming

By Jia Jingqi and Li Yingqing (China Daily)
Updated: 2009-09-12 13:59

Kunming, capital of southwest China's Yunnan province, continues to take opening-up policies, attracting investment and regional cooperation as keys to maintaining economic momentum, Ruan Fengbin, vice-mayor of the city, said yesterday at the sidelines of the ongoing three-day Summer Davos forum in Dalian.

Special coverage:  Summer Davos 2009

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The city has made progress in attracting investment even amid global economic woes, the mayor said.

Statistics from the local investment promotion bureau show that combined realized investment from overseas reached $2.2 billion by the end of last year. Projects in the city were funded by companies from more than 50 countries and regions.

The figure soared to $602 million last year alone, an increase 100.3 percent from a year previous and accounting for 77.5 percent of the total in Yunnan province.

Taxes from overseas-invested companies increased from 1.27 billion yuan in 2005 to 3.17 billion yuan last year.

Ruan said the increasing investment was due to the city's improving investment environment.

Global Fortune 500 companies including Wal-Mart, Carrefour, Coca-Cola, McDonald's, Pepsi and Alcoa, as well as other multinationals, now have operations in Kunming. The city is also a hot investment destination for metallurgy, chemicals, tourism and agriculture.