Economy

Xinjiang to boost inbound investment

(Xinhua)
Updated: 2011-03-22 09:58

URUMQI - China's Xinjiang Uygur autonomous region will allow lower-level economic planning agencies in the region to approve foreign investments of up to $100 million, local authorities said Monday.

Xinjiang's prefecture and municipal-level development and reform commissions and state-level development zone management are currently empowered to approve foreign investments of up to $30 million, according to the regional development and reform commission of Xinjiang.

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A spokesman for the commission said the change in the approval rule, effective this year, would "greatly simplify approval procedures and make Xinjiang's business opportunities more attractive to foreign investment".

According to government figures, Xinjiang had 2,146 foreign-invested businesses at the end of 2010, mostly in the food processing, mining, wholesale and retail, accommodation and service sectors, among others.

Last year saw increased foreign investment flow to the fields of manufacturing, power, storage, postal and transportation.