Four hundred and fifty of the World Top 500 companies have invested in China, said Wei Jianguo, Vice Minister of Commerce on Thursday.

He said at an activity held between China's private businesses and the world's top 500 firms in Hangzhou, capital of east China's booming Zhejiang Province.

China has been improving its investment environment in recent years, while foreign investors have been optimizing their investment structure, said Liu Yajun, director of the investment promotion department under the Ministry of Commerce.

Businessmen from 202 countries invested in China this year, involving US$600 billion covering almost all fields like the service, manufacturing and rural infrastructure construction sectors, Liu said.

The high-tech and trade service industries were most favored by overseas investors, Liu said.

Overseas investment has contributed a lot to China's economic growth.

The industrial added value made by the joint-ventures took about 27.8 percent of the national industrial added value last year, Liu said.

The joint ventures contributed to about 20.8 percent of the national revenue and provided about 20 million jobs last year, Liu said.

Private businesses provide jobs for 100 million Chinese

China's private businesses are providing jobs for about 100 million people, said Liu Yajun, director of the investment promotion department under the Ministry of Commerce on Thursday.

He made the remarks at an e vent held between China's private businesses and the Word's Top 500 Firms at Hangzhou, capital of east China's booming Zhejiang Province.

China's private businesses have been growing remarkably in recent years, with an average annual growth rate of 53 percent, Liu said.

Liu acknowledged that the private businesses are contributing more to the national economy, taking about 60 percent of the national economy and funds from private businesses take about 40 percent of the investment in urban fixed assets.

More capital-intensive and technology-intensive private businesses have emerged and been active in various industries in recent years, including real estate industry, information industry and the new-born service industries, Liu said.

(Xinhua News Agency December 9, 2005)