A.V. AFONASIEVA

Post-graduate student of the Far East Institute of the Russian Academy of Sciences

China Keywords:, China, investment, FDI, overseas Chinese, investment legislation of the People's Republic of China

Currently, the population of the People's Republic of China is, according to official data, 1.33 billion. person¹. And an estimated 40 million Chinese² live in 154 foreign countries3. This is less than 3% of the population of the PRC.

The role and importance of foreign Chinese for the rapidly developing Chinese economy is great. They annually invest tens of billions of dollars in various industries and agriculture of their "historical homeland" - this is more than 50% of the total amount of annual foreign investment in the Chinese economy. Table 1 shows the latest data on the number of foreign Chinese in the main countries of the world.

It is not surprising that the country's leadership pays great attention to working with this category of investors and seeks to involve them even more "tightly" in the processes of increasing the country's economic potential and modernization.

For a long time, foreign Chinese entrepreneurs were attracted to the PRC by cheap labor, vast territories, rich natural resources, huge potential of the domestic market, tax incentives for foreign investors, continuous improvement of infrastructure, and almost complete absence of obligations to protect the environment (deductions for its protection were scanty). These factors ensured minimal investment risks, low production costs and high production efficiency, and a high rate of capital turnover, which allowed foreign Chinese and foreign entrepreneurs to earn high profits and expand their business.

Over 30 years of reform and openness, foreign Chinese entrepreneurs ' investments in China have gone through several stages of development. Each of them has its own characteristics due to the socio-economic situation and investment climate in this historical period, as well as the international situation that develops at different times around the PRC.

FIRST STAGE: 1978-1991

At the very beginning of the reform and opening-up policy (1978-1987), foreign Chinese investment in China was slow and small, mainly in medium-sized and small enterprises. This was primarily due to the low level of economic development in China at that time, imperfect investment legislation, and the country's lack of experience in attracting foreign investment.

But already in 1988-1991, in accordance with the policy of reform and openness, laws were adopted that significantly improved the information security system.-

Table 1

Number of overseas Chinese (million)

Источники: http://www.ocac.gov.tw/english/public/public.asp?selno=8889&no=8889&# 38;level=B; The Jakarta Post. 31.05.2011; Department of State. Background Note: Malaysia - http://www.state.gov/r/pa/ei/bgn/2777.htm

investment climate and providing favorable conditions for foreign investment, including investments of foreign Chinese ⁴. Moreover, compared to other foreign investors, the latter have received a number of advantages, including exemption from export tax and a single commercial and industrial tax on goods produced specifically for sale abroad. In addition, they were exempt from import tax and a single tax on raw materials, components and other resources necessary for the production of export products.⁵

Since the mid-1980s, the improvement of the investment climate has led to the emergence of the first wave of foreign Chinese investments in China. Their average annual volume exceeded $1 billion. In total, in 1978-1991, foreign Chinese entrepreneurs invested more than $18 billion in the PRC, ⁶ which exceeded 77% of the total volume of foreign direct investment (FDI) in the PRC.⁷ At the same time, the investment period, which was 3 to 5 years in 1978-1987 and 1988-1991, was extended to 10 years or more. The zone of economic interests of foreign Chinese gradually expanded from the coastal areas to the banks of the Yangtze River, border areas and administrative centers of all provinces.

In 1979, the main investments were directed to the cities of Guangdong and Fujian provinces-Shenzhen, Zhuhai, Shantou, and Xiamen.⁸ The reasons for the attractiveness of these areas for foreign Chinese were, firstly, their proximity to Hong Kong, Macao, Taiwan and the countries of Southeast Asia( SE), convenient transport links that favor the export of goods. Secondly, most of the foreign Chinese investors are from these places, who are well acquainted with the local way of life, which, of course, had a positive impact on business.

In 1984, China opened 14 previously closed seaside towns to foreigners. In 1985, the first free economic zones (FEZs) appeared in the Yangtze and Zhujiang River deltas and in the so-called golden Triangle in the south of Fujian Province, which includes the cities of Xiamen, Quanzhou, and Zhangzhou. In 1987, foreign investors who decided to settle in Hainan Province were granted special rights - even greater than their counterparts in other FEZs.

The industry structure of investment at that time also had its own characteristics. In 1979-1987, out of $8.9 billion. Foreign investment in China accounted for 43% of the hotel industry, 34% - in the electric power industry, 21% - in light industry, electrical engineering and mining industries. Rural fish farming and animal husbandry received the least amount of funds ⁹.

In 1988-1991, the volume of foreign investment in the production of industrial products increased sharply, which was due to the implementation in China at that time of a policy of regulating investment and encouraging foreign investment in companies that produce finished products. So, in 1990, out of 7273 investment projects, $3.49 billion was invested in them. In fact, 93.7% of the attracted foreign investments were in the manufacturing sector. An investment boom has also emerged in the high-tech and real estate sectors.¹⁰

The main investors in China in 1978-1991 were Hong Kong companies. According to the Ministry of Commerce of the People's Republic of China, at the initial stage of the reforms, Hong Kong accounted for over 80% of all foreign investment received in the PRC.¹¹ In addition to direct Hong Kong funds, the PRC received investments from most foreign Chinese and foreign entrepreneurs through this territory. At that time, Chinese businessmen from such Southeast Asian countries as Singapore, Indonesia, Malaysia, the Philippines and Thailand were willing to invest in China. Chinese entrepreneurs from these countries accounted for 1,042 projects in those years. The total volume of contracted direct investment * was $1.428 billion, while the total volume of actually attracted direct investment** was $379 million.¹²

As for the organizational forms of foreign Chinese and foreign companies, in 1978-1987 they were mainly joint ventures or cooperatives. But already in 1988-1991. a gradual transition to the preferential creation of companies with 100% foreign capital has begun.

SECOND STAGE: 1992-1998

In the 1990s, reform advocates in China itself managed to break the resistance of conservative forces calling for the removal of elements of capitalism from the Chinese economy. Differences over reform and opening-up policies were finally resolved after Deng Xiaoping's 1992 inspection tour to the economically developed south of the country, the main purpose of which was to support the ongoing restructuring of the economic system. The successful resolution of disagreements in the leadership and the continuation of reforms led to a real investment boom in 1991-1997.

Throughout this period, the Chinese government has encouraged foreign entrepreneurs to invest in industry, agricultural livestock and fish farming, transport, electric power, communications, electrical equipment manufacturing, infrastructure facilities, and high-tech industries in a wide variety of areas, requiring investors to do the same.-

* Contractual direct (foreign) investments - direct (foreign) investments that are to be mastered in accordance with already concluded contracts with (foreign) investors (editor's note).

** Actually attracted direct (foreign) investment - actually used direct (foreign) investment. In the text of the article, this term is used only to compare the volume of actually attracted and contractual investments. In all other cases, the actual attracted direct (foreign) investments are referred to as direct (foreign) investments (editor's note).

Table 2

FDI and investment from Hong Kong, Macao and Southeast Asia (1992-1997), $ bn

Compiled from: Huaqiao huazhen yu xin zhongguo (Foreign Chinese and New China-Guangzhou), 2009. p. 227; Zhongguo tongji nianjian, 2002 (Chinese Statistical Yearbook, 2002) - Beijing, Zhongguo tongji chubanshe, 2002. p. 629.

constantly improve the level of technology.

The Chinese Government adopted a number of new legislative acts aimed at attracting and regulating foreign investment, including the founding document "Decree on Institutional Regulation of Foreign Capital in the PRC-1994" ¹³.At the same time, reforms were implemented in the tax, financial, investment and trade spheres. Foreign capital management was brought in line with international standards, and conditions for attracting investment were improved.

In 1997, China introduced additional incentives for the import of equipment intended for foreign companies, while obliging foreign and foreign Chinese companies to introduce and master new technologies, rather than copy outdated ones. Requirements and benefits for foreign and overseas Chinese investors were reflected in a number of legislative acts, for example, in the Decree of the State Council of the People's Republic of China "On the regulation of foreign Investment Directions -1998" ¹⁴.

The Chinese government also decided to accelerate the development of the service sector. Foreign investments, including foreign Chinese, were given access to such industries as finance, trade, commerce, tourism and other sectors of this sphere.

During this period, there was an influx of investment from the provinces of Guangdong and Fujian to the northern regions of China. Since mid-1992, the cities located along the banks of the Yangtze River - Nunciates, Yueyang, Wuhan, Jiujiang, Wuhu, the administrative centers of the provinces of Heilongjiang, Jilin, Hebei, the administrative region of Inner Mongolia - Harbin, Changchun, Shijiazhuang and Hohhot, respectively, the administrative centers of the interior of China-Taiyuan, Hefei, Nanchang, Zhengzhou, Changsha, Chengdu, Guiyang, Xi'an, Lanzhou, Xining, Yinchuan ¹⁵.

In terms of the annual increase in the number of companies with foreign Chinese capital, the Yangtze River Delta and the Bohai Bay area already surpassed Fujian Province in 1992 ^.16

In 1992-1998, the number of foreign Chinese investors increased significantly. This is explained by the fact that at that time the economies of the Southeast Asian countries were developing very rapidly, and a relatively large surplus of funds was formed on the capital market. At the same time, relations between the Southeast Asian countries and the People's Republic of China improved every day. Thanks to the Chinese government's encouragement of investments by foreign Chinese entrepreneurs, the number of investors has increased significantly. Companies of foreign Chinese began to play a very prominent role in the Chinese economy.

According to most Chinese experts, investment in China from Hong Kong, Macao, and Southeast Asian countries (Singapore, Malaysia, the Philippines, Thailand, and Indonesia) reflected the overall picture of foreign Chinese investment in China (see Table 2).

From the table. 2 it can be seen that in 1992-1996, the volume of investment in China

Table 3

Share of Hong Kong, Macao and Southeast Asia in total FDI to China (1992-1997), %

Compiled from: Huaqiao huazhen yu xin zhongguo (Foreign Chinese and New China-Guangzhou, 2009. p. 227; Zhongguo tongji nianjian, 2002 (Chinese Statistical Yearbook, 2002) - Beijing, Zhongguo tongji chubanshe, 2002. p.629.

Actual attracted direct investment in China

Figure 1. Calculated from: Zhongguo Tongji nianjian, 2000 (Chinese Statistical Yearbook, 2000). Beijing, 2000. pp. 606-608; Zhongguo tongji nianjian, 2002 (Chinese Statistical Yearbook, 2002). Beijing, 2002. pp. 630-632; Zhongguo qiaozi qie fazhan niandu baogao, 2008 (Annual Report on the development of companies with capital of foreign Chinese in China, 2008). p. 2.

from Hong Kong, Macao and Southeast Asia, as well as the total volume of FDI, grew steadily. In 1997, the volume of investments from Southeast Asia increased, while investments in China from Hong Kong and Macao slightly decreased.

In 1998, direct investment from Hong Kong and Macau totaled $18.93 billion. (decreased by almost 10% compared to 1997)¹⁷. Total FDI from Southeast Asia increased to $45.46 billion ¹⁸ and $4.20 billion ¹⁹, respectively. However, since 1998, the PRC has had another important investor-the so-called free ports (Cayman Islands, Virgin Islands, Mauritius, Samoa, etc.), through which entrepreneurs from Hong Kong, Macao, Southeast Asia and other countries and regions have invested in the PRC. The volume of investment from free ports in 1998 was $4.58 billion ²⁰. Therefore, although investment from Hong Kong and Macau declined, the total volume of foreign Chinese investment in China increased in 1998.

Interestingly, despite the steady growth of foreign Chinese investments in China, their share in the total volume of foreign direct investment decreased (see Table 3).

As can be seen from Table 3, the main share of investments falls on Hong Kong and Macao. However, over the period 1992-1997, it decreased by 23.54%, while the share of investments from Southeast Asia increased by 5.08% over the same period. Overall, the total share of foreign Chinese investments decreased by 18.46%. In 1998, including investments from free ports, it was 56.4%²¹.

The total volume of foreign Chinese investments in China in 1992-1998 exceeded $130 billion. with an average growth of more than $20 billion. in year ²². The share of foreign Chinese investments in total FDI at this stage was 66%, which is 11% lower than in 1979-1991. ²³

In 1992-1998, the Chinese from Southeast Asia financed a total of 13,133 investment projects, or 4.7% of all projects involving FDI. The volume of contract direct investment from the Chinese from Southeast Asia reached $41.94 billion, and the amount of actual attracted direct investment from the Chinese from Southeast Asia - $16.549 billion.²⁴

In 1991, more than 1 thousand companies with the capital of foreign Chinese were established, in 1993 - more than 3.7 thousand. In 1994, another 6 thousand new companies appeared (an increase of 65%) ²⁵. The rapid growth in the number of companies and investments of foreign Chinese entrepreneurs in China continued until the Asian financial crisis of 1997-1998, when the pace of foreign investment in China slowed down somewhat. After the crisis, the capital of Chinese entrepreneurs in Asian countries was seriously reduced, and many were not up to investing in the Chinese economy.

China, on the other hand, was not seriously affected by the Asian financial crisis, maintaining social stability and high rates of economic development. Foreign Chinese entrepreneurs, whose companies in Hong Kong, Southeast Asia and other countries suffered significant losses during the crisis, received good returns from investing in China. This strengthened the confidence of foreign businessmen in the Chinese economy and allowed the PRC to become one of the most attractive countries for foreign Chinese and foreign investors.

THIRD STAGE: 1999-2000

After the rapid growth of 1992-1998, investment by foreign Chinese (especially those from Southeast Asia) initially declined, but growth resumed in 2000 (see Chart 1).

In 1999, direct investment

The volume of foreign direct Chinese and foreign investments actually attracted

Years

Compiled from: Chart 2. Zhongguo tongji nianjian, 2002 (Chinese Statistical Yearbook, 2002). Beijing, 2002. pp. 630-632; Zhongguo tongji nianjian, 2004 (Chinese Statistical Yearbook, 2004). Beijing, 2004. pp. 732-734; Zhongguo tongji nianjian, 2005 (Chinese Statistical Yearbook, 2005), Tables 18-15. - www.stats.gov.cn/tjsj/ndsj/2005/indexce.htm; Zhongguo qiaozi qie fazhan niandu baogao, 2008 (Annual Report on the Development of companies with capital of foreign Chinese in China, 2008). pp. 2-3.

All major Chinese investor countries and regions (Hong Kong and Macao, Southeast Asian countries, and free ports) declined, which led to a drop in the volume of direct investment by foreign Chinese and FDI in general. However, as early as 2000, despite the continued decline in investment from Hong Kong, Macao and Southeast Asia, foreign direct investment and FDI increased, mainly due to large-scale growth in investment from free ports. In 2001, there was an increase in direct investment from all major investor countries and regions.

The share of foreign Chinese entrepreneurs in the total volume of FDI in 1999-2000 was balanced at the level of 53-54%.

Interestingly, despite the resumption of investment growth by foreign Chinese from all major countries of the Chinese investor regions, their share in the total volume of FDI continued to fall and fell by 1% (to 52.4%) in 2001, which may indicate an increase in interest in China among non-Chinese foreign investors.²⁶

FOURTH STAGE: 2001-2007

After the terrorist attacks on the United States on September 11, 2001, due to the introduction of protective measures by most countries, the flow of international investment decreased and remained low for several years. China, thanks to an effective policy of attracting foreign investment and a large domestic market, has managed to attract potential investors and occupy its niche in the global structure of FDI.

Direct investment by foreign Chinese at this stage - in 7 years - increased by 98% - from $24.6 billion in 2001 to $48.8 billion in 2007; the average annual growth was 14%. FDI increased by 60% over the same period , from $46.9 billion in 2001 to $74.8 billion in 2007, with an average annual growth rate of 8.6% (see figure 2).

It should be noted that despite the steady growth of direct investment by foreign Chinese, their share in the total volume of FDI in the Chinese economy fell until 2004. The decline in the share of foreign Chinese in FDI before 2004 is a continuation of the general trend of its decline since 1999. We have already noted that this indicated a growing interest in China among non-Chinese investors.

In 2004, China adopted a number of laws on foreign investment, which opened up access to the domestic market of the PRC for foreign Chinese and foreign investors. Earlier, foreign and foreign Chinese entrepreneurs were mainly engaged in the production of export products, i.e. they were mainly focused on foreign markets.

Opening access to the domestic market at this stage was probably more interesting and profitable for foreign Chinese entrepreneurs, who, unlike foreign entrepreneurs, are well acquainted with the specifics of the Chinese domestic market. Since 2004, Chinese foreign investment in the country has grown faster than foreign investment, and their share of total FDI has increased from 49% in 2004 to 65% in 2007.

Since 2005, the number of projects involving foreign direct investment (FDI) has also declined, while the number of projects abroad has declined.-

Number of projects involving foreign direct Chinese and foreign investment

Diagram 3. Compiled from: 2001 nian bufen guojia (diqiu) dui hua zhijie touzi qingquan biao (Table of direct investment in China from some countries and regions in 2001) / / Website of the Yunnan Provincial Government - www.yn.gov.cn; 2002, 2003, 2004 nian bufen guojia/diqiu dui hua zhijie touji qingkuang (Direct investments in China from some countries and regions in 2002, 2003, 2004) / / website of FDI in China - www.fdi.gov.cn; Zhongguo qiaozi qie fazhan nyandu baogao, 2008 (Annual Report on the development of companies with capital of foreign Chinese in China, 2008). pp. 2-3.

In 2004-2007, the number of registered Chinese investors was balanced at the level of 23-24 thousand (see Chart 3). The share of foreign Chinese entrepreneurs in the total number of projects involving FDI increased from 48.6% in 2001 to 62.3% in 2007, with the most significant increase in the share of foreign Chinese occurring in 2005-2007, i.e. during the period when the number of projects involving FDI decreased.

At this stage, investments of foreign Chinese penetrate almost all regions of the PRC. The Yangtze Delta has become the largest concentration of their capital.

During these years, foreign Chinese entrepreneurs are gradually moving from investing in labor-intensive industries to creating capital-intensive and high-tech companies.

The number of foreign Chinese investments in the service sector, especially in the residential real estate sector, has increased significantly. One of the forms of investment at this stage was the creation of production chains and areas of production concentration. For example, based on two regions - the Zhujiang Delta and the Yangtze Delta - production chains and production concentration areas were formed, which allowed the Zhujiang Delta, Yangtze and other nearby areas to literally turn into a "world workshop". The economic efficiency of this "workshop" was based on cheap Chinese labor, very liberal requirements for environmental protection, etc.

The high concentration of production allowed to reduce the cost of information search, as well as procurement and assembly, to achieve great savings in financial and other resources due to large-scale production and optimization of the product and service range. At the same time, conditions were created for synchronizing research, production and sales of products, which also brought considerable benefits.

At this stage, Hong Kong was still the main source of FDI, as well as the main transit point for investment from Southeast Asia to China. During these years, investment from free ports grew rapidly, which gradually turned into important regions-investors of China.

Investments of multinational corporations (TNCs) in the Chinese economy also grew steadily. In 2004, the volume of FDI actually attracted exceeded $60 billion, which indicated a high appreciation of China by international capital and TNCs. In 2006, the volume of FDI actually attracted exceeded $70 billion, ²⁷ which put China on the first place in the world in this indicator.

Foreign Chinese and foreign companies in China continued to operate steadily until the global financial and economic crisis of 2008, which naturally had a serious negative impact on them.

STAGE FIVE. PROBABLY NOT THE LAST ONE

Since 2008, a new period in the development of companies with foreign Chinese capital has begun, and their new structure is being formed. Low-tech companies with labor-intensive production are gradually being pushed out of the market. Recent anti-crisis measures taken by the Government of the People's Republic of China (cancellation of tax incentives for foreign and foreign Chinese companies, expansion of domestic demand, new labor law, UWE-

environmental protection taxes) have significantly increased the quality requirements for foreign and foreign Chinese capital (primarily for its technological component).

It is interesting that the crisis of 2008-2009 practically did not affect high-tech companies with the capital of foreign Chinese and foreign capital, which made a profit even during this difficult time. For example, in Hunan Province in 2008, high-tech companies in Hong Kong, Macao, and Taiwan produced products worth a total of $ 13.918 billion. RMB (an increase of 35.9% compared to 2007), value added totaled 4.514 billion yuan. The total and value-added growth of these companies is 5.2% and 17%, respectively, higher than the provincial average.

It should be noted that some foreign companies were still affected by the crisis. Thus, the total value of companies ' products in Hunan Province in 2008 was $ 15.292 billion. The company's revenue from sales was RMB 14.505 billion, an increase of only 13.2% compared to 2007. ²⁸. The decline in sales volumes is not a general trend for foreign companies in China, and many of them, on the contrary, saw their sales volumes grow. For example, in 2009, General Motors, which started bankruptcy proceedings in the United States, saw its sales in China grow by 67% ^.29

Today, most companies with foreign Chinese capital are looking for new ways of development based on the current economic situation in the world and in China. Some, in pursuit of cheap labor and tax benefits, migrate to the western and inner regions of the PRC; others are trying to maintain competitiveness by switching from labor-intensive to capital-intensive and high-tech production.

A common trend for all foreign and foreign Chinese companies in China (both high-tech and low-tech) will be to focus on the domestic market and develop the service sector.

In the pre-crisis years, the vast majority of foreign and foreign Chinese companies were focused on foreign sales markets. During the 2008-2009 crisis, the cost of production increased due to the appreciation of the yuan, labor and raw materials, which made it difficult to export. In these circumstances, reorientation to the domestic market is a salvation for foreign Chinese and foreign companies.

The reorientation of companies from foreign to domestic markets and the development of the service sector are linked, as the service sector is focused on the domestic market. Today, the service sector is becoming one of the leading areas of foreign investment and investment of foreign Chinese in China. If in the pre-crisis period the investment boom was experienced by the manufacturing industry, now investments in trade, scientific and other research, logistics, medicine, real estate, basic infrastructure, education, culture and other areas are growing. In the service sector, foreign Chinese entrepreneurs have significant advantages - they are more familiar with international standards in the service sector and understand the Chinese consumer better than foreign ones, and are able to adapt international standards in the service sector to the conditions of the Chinese market.

Thus, the investment activity of foreign Chinese in China is entering a new stage, the visible results of which are still too early to speak. We'll wait and see.

¹ Zhongguo tongji nianjian, 2009 (Chinese Statistical Yearbook, 2009) Tables 1-3 / / Website of the State Statistical Service of the People's Republic of China - www.stats.gov.cn/tjsj/ndsj/2009/indexce.htm

² Proceedings of the Ohio University Library (USA)- http://cicdatabank.library.ohiou.edu/opac/population.php

³ Ibid.

⁴ Gouyuan guanyu huaqiao touzi yuhui de jianxing guiding-1985 (Temporary Decree of the State Council of the People's Republic of China on Investment Benefits for Foreign Chinese-1985); Gouyuan guanyu guli waishan touzi de Guiding -1986 (Decree of the State Council of the People's Republic of China on the Promotion of Foreign Investment-1986), etc.

⁵ Haiwai huaqiao huazhen yu zhongguo gaige kaifang (Foreign Chinese and the policy of reform and openness in the PRC). Beijing, 2009, p. 271.

⁶ Ibid.

⁷ Calculated from: Zhongguo Tongji nianjian, 2000 (Chinese Statistical Yearbook, 2000). Beijing, 2000, p. 604.

⁸ Huaqiao huazhen yu xin zhongguo (Overseas Chinese and New China). Guangzhou. 2009. p. 219.

⁹ Zhongguo tongji nianjian, 2000 (Chinese Statistical Yearbook, 2000). Beijing, 2000, p. 604.

¹⁰ Huaqiao huazhen yu xin zhongguo ... p. 222.

¹¹ Ibid., pp. 219-220.

¹² Ibid.

¹³ Ibid., p. 272.

¹⁴ Ibid.

¹⁵ Ibid., p. 224.

¹⁶ Ibid., p. 225.

¹⁷ Ibid., p. 227.

¹⁸ Ibid.

¹⁹ Zhongguo tongji nianjian, 2000 ... p. 604.

²⁰ Ibid., pp. 607-608.

²¹ Calculated from: Zhongguo tongji nianjian, 2000 ... pp. 606-608; Zhongguo qiaozi qie fazhan niandu baogao, 2008 (Annual Report on the development of companies with capital of foreign Chinese in China, 2008). p. 2.

²² Haiwai huaqiao huazhen yu zhongguo gaige kaifang... p. 272.

²³ Calculated from: Zhongguo tongji nianjian, 2000 ... p. 604.

^{Long Dengao} 24, Zhao Liang, Ding Qian. Haiwei huashang touzi zhongguo dalu: jieduanxing tezheng yu fazhan qiushi (Investments of foreign Chinese entrepreneurs in China: Features of periods and development trend) / / Huaqiao huazhen lishi yanji, 06.2008, N2. p. 13.Calculated from: Zhongguo tongji nianjian, 2000... pp. 606-608; Zhongguo tongji nianjian, 2002 (Chinese Statistical Yearbook, 2002). Beijing, 2002, pp. 630-632; Zhongguo qiaozi, 2008, p. 2.

^{Long Dengao} 25 et al. Edict op.

²⁶ Haiwai huaqiao huazhen yu zhongguo gaige kaifang ... p. 273.

²⁷ Huaqiao huazhen yu xin zhongguo ... p. 231.

²⁸ Ibid., p. 10.

²⁹ Inbao: Zhongguo guoji touzi huanjing fanzhong qiye kaifang (English newspaper: The Rise and openness of the investment climate in China) / / Website of the Association for Stimulating Investment Activities of Chinese Entrepreneurs in the world - www.wsmip.org

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