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Foreign investment in Ningbo up 32.7% in 2021

According to the latest data approved by the Ministry of Commerce, in 2021, the actual utilization of foreign capital in Ningbo amounted to 3.274 billion US dollars, up 32.7% year on year, outperforming the province and the whole country with a double-digit "acceleration": the growth rate of the actual utilization of foreign capital is 12.5 percentage points and 16.5 percentage points higher than that of the whole country and the whole province respectively.

In fact, the double-digit growth rate has become a footnote for foreign capital to "run into China". Last year, the country's actual utilization of foreign capital was ¥173.48 billion US dollars, up 20.2% year on year; the province's actual utilization of foreign capital was ¥18.34 billion US dollars, up 16.2%.

In this context, Ningbo's "acceleration" is particularly noticeable. Taking the province's growth rate of 16.2% as an example, Ningbo's growth rate is more than twice the average speed of the whole province.

According to statistics from the Municipal Bureau of Commerce, last year, 564 foreign-funded enterprises were established in Ningbo, an increase of 78 over the previous year; the total investment was $12.93 billion, up 3.3%; the contractual foreign investment reached $8.64 billion, up 83.9%; the actual foreign investment amounted to $3.27 billion, an excess of 29.9% of the goals and tasks assigned by the provincial department, ranking the second place in the province.

"Looking at the newly established foreign-funded projects, foreign-funded M&A projects, and capital-increasing projects in Ningbo last year, they all have distinct characteristics, either targeting Ningbo's advantageous industries such as petrochemicals, automobiles, and medical equipment, or focusing on the huge potential consumer market in Ningbo metropolitan area, investing in the service industry." The person in charge of the Foreign Investment Division of the Municipal Bureau of Commerce analyzed.

Take the overseas Fortune 500 as an example. Last year alone, 5 overseas Fortune 500 companies, including LyondellBasell, Costco, General Electric, Volvo and Hong Kong Geely Group invested 6 projects in Ningbo. These projects include the petrochemical industry, service industry and automobile industry respectively, with a total investment of $1.63 billion.

At the same time, Ningbo's rapidly rising medical industry also frequently becomes a favorite with overseas capital. Last year, Hillhouse Capital invested more than $100 million in Ningbo Jianshi Technology Co., Ltd., realizing a 9.87% stake. Behind the huge investment of foreign capital, it is precisely the continuous innovation of enterprises in the field of structural heart disease treatment. As a result, Jianshi Technology is directly included in the list of global unicorn companies in 2021

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