Foreign capital for actual use in Ningbo increases
- Details
- Category: Governmental News
- Published: Monday, 27 July 2020 14:39
It is learned from Ningbo Bureau of Commerce that in the first half of this year, the actual use volume of foreign capital in Ningbo stood at US$1.524 billion, up by 1.8% over the same period of last year, 5.8 percentage points higher than the national growth. The actual use volume accounted for 63.5% of the annual objective, much higher than the half-year goal.
Since the world’s largest commercial vehicle manufacturer established its branch at the Hangzhou Bay New Zone with an investment of US$2.21 billion in January this year, a globally well-known health care company and a global retail chain giant have also invested in Ningbo. By the end of June, 67 foreign Fortune 500
companies had carried out 147 projects in Ningbo.
Statistics show that in the first half of the year, 216 foreign-funded enterprises were newly established, with a total investment of US$6.64 billion yuan, up by 55.5% over the same period of last year. In addition, the re-investment by the profit of the existing foreign-funded enterprises has hit a set a new record. The actual use of the re-investment by the profit stood at US$358 million, up by 334.3% over the same period of last year, accounting for 24% of the total, with an 18.5-percentage point growth over the same period of 2019. The leading one went to the re-investment of US$150 million by the Shenzhou Group.
The main sources of investment remained stable. For example, the investments from the United States and Singapore grew faster than others. In the first half of the year, the actual use volume of the foreign capital of the top 10 investing countries and regions stood at US$1.503 billion, accounting for 98.6% of the city’s total, an increase of 1.6 percentage points over the same period in 2019.
It is worth noting that an increasing number of large projects were introduced. In the first half of the year, 13 major projects with the actual use of foreign capital of US$30 million were introduced, with the total actual use volume of US$1.006 billion, up by 33.1% over the same period of 2019. The projects are mainly in such manufacturing fields as automobile manufacturing and chemical raw materials manufacturing.
“In the first half of the year, against the severe global investment situation, Ningbo stabilized the main body and the general scale of foreign investment. And with the acceleration of foreign investment attraction, the foreign investment has made a new contribution to the stabilization and recovery of the city’s economy and the realization of high-quality development.” said an official from Ningbo Bureau of Commerce