The 11th China International Fair for Investment and Trade ended on Tuesday with the signing of investment projects worth US$22.99 billion, including US$19 billion from overseas investors, organizers said.

The four-day fair is a national investment promotion event held annually since 1997 in Xiamen, Fujian Province. This year a total of 1,070 investment projects were signed.

The fair attracted a record 13,000 businessmen from 119 countries or regions, 419 investment agencies, and 102 leading chain enterprises from overseas, according to the organizers.

Chinese companies who planned to invest overseas also signed 63 intention agreements with foreign institutions involving US$557 million.
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Vice Premier Wu Yi at Friday's opening ceremony called on multinationals to strengthen their cooperation with local partners regarding technological innovation.

"The Chinese government will actively explore new ways to promote foreign and overseas investment in order to participate in international economic cooperation at higher levels and in broader fields," she said.

Wu announced that the Chinese government would offer four billion yuan in low-interest loans in the next three years to Chinese firms to encourage investment in Caribbean countries. His announcement was made at the second China-Caribbean trade and economic cooperation forum during the fair.

From 1997 to date, the fair has cumulatively attracted nearly US$70 billion of overseas investment to China.

(Xinhua News Agency September 12, 2007)