Zhejiang Province in east China attracted US$585 million foreign investment in January, up nearly 100 percent compared to the same month last year.

Statistics show that in January the province approved 248 foreign-funded enterprises, with a total investment of US$920 million, and attracted foreign investment worth US160 million. So far, the province has attracted over US$30 billion of contractual foreign investment to spur local economic development.

Sources at the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) noted that there was a rapid rise in foreign investment in China in the first month of 2002.

In January, China approved the establishment of 2,370 overseas-funded businesses, a year-on-year growth of 45.58 percent, according to MOFTEC. (Xinhua News Agency February 21, 2002)