It is reported from the Department of Commerce of Shandong Province, the overseas investment of the province grew rapidly in May, with newly-approved Chinese-invested enterprises (organizations) abroad and the amount of overseas investment rose respectively 44% and 153% year-on-year. In the January-May period of this year, Shandong approved Chinese enterprises to set up 148 branches abroad with a total investment of US$ 990 million, up respectively 49% and 182%.

In May alone, Shandong Province approved to set up 36 enterprises (organizations) abroad with a total investment of US$ 180 million. Linyi Aomei Textile Co., Ltd. becomes the first Shandong-based textile company to invest in Taiwan. It invests US$ 26.35 million worth of gray fabric to hold 30% share in Taiwan U-long Hi-tech Textile Co., Ltd.

Asia remains the key destination for Shandong´s overseas investment. In May, Shandong Province approved to set up 21 enterprises (organizations) in Asia with a total investment of US$ 86.65 million, accounting for 58% and 49% respectively in total.

Source: China Textile Leader