Posted on 09/09/2001 9:57:27 PM PDT by super175
Hutchison Whampoa is to finalise this week a US$1 billion container terminal investment in Xiamen in an effort to bolster its mainland portfolio.
"Hutchison will sign the contract to build the No 1 berth in Haicang port anytime during the Fifth China International Fair for Investment and Trade," said Zhu Yayan, mayor of Xiamen and vice-governor of Fujian province.
The fair is being held in Xiamen until Wednesday.
Hutchison Ports Xiamen, 49 per cent-owned by Hutchison Whampoa, invested in two berths at Haicang, Xiamen's container port, in 1996.
Despite a global and US economic downturn, Mr Zhu said Xiamen still enjoyed robust economic growth.
The city's gross domestic product growth increased by 11.8 per cent in the first eight months this year, Mr Zhu said.
He forecast that the city's economic growth would reach 14 per cent for the full year, surpassing the country's overall expected GDP at between 7 and 8 per cent.
Mr Zhu said up to August 31, exports and imports rose by 11 per cent, compared with the same period last year.
The city's exports reached US$31 billion - 46 per cent of all exports in Fujian province.
He said foreign investment grew 35 per cent by June.
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