Utilization of Foreign Capital to Renovate Enterprises Produces Good Results

Yu Xiaosong and Lin Zhongshu

Chinese Economy, 1983, vol. 16, issue 3, 40-47

Abstract: The city of Beijing, by actively pursuing an open-door economic policy in the past three years, has obtained foreign capital totaling U.S. $250 million, which has been invested in more than 300 projects. In most cases, the projects have involved technological renovation of existing enterprises. Using flexible terms and a variety of formats for economic cooperation with foreign concerns, the enterprises imported advanced technology and vital equipment, thereby fully tapping their potentials. Bottlenecks were removed and a great variety of new products were added. The experience of Beijing, that is, using foreign capital to renovate existing enterprises rather than building new ones, involves less risk for both our enterprises and foreign investors. This approach enhances the chances of success and brings about quick results. We should therefore pursue this policy boldly, energetically, but prudently.

Date: 1983
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