Jiangsu's foreign-funded economy went off to a flying start in the first quarter of this year, achieving remarkable results in improving quality and efficiency, latest data shows.
According to data from the provincial commerce department, in the first quarter of this year, the province launched 675 new foreign investment projects, with 11.35 billion U.S. dollars in contracted foreign investment and 7.96 billion U.S. dollars in actual use, up 10.6% year-on-year.
The actual use of foreign investment in the ten strategic emerging industries reached US$3.58 billion, an increase of 39.9% year-on-year, accounting for 45% of the province’s actual use of foreign capital, and became a major highlight of the province’s use of foreign capital in the first quarter.
In Taicang, an important base of German-funded enterprises, Kern Liebers, a high-end precision device manufacturer, increased its capital by 24 million euros in the first quarter of this year to expand production capacity and build new projects.
At the same time, by insisting on major projects to promote economic development, Jiangsu has also won the initiative for the province's foreign capital growth. In the first quarter of this year, there were 66 newly-established and capital-raising enterprises with a total investment of more than US$100 million, a year-on-year increase of 15.8%.
In the Jiangning Development Zone in Nanjing, six major projects with over US$100 million each were launched in the first quarter, including a number of high-quality foreign investment projects such as new energy vehicles and medical R&D institutions. The total amount of actual use of foreign investment increased by more than 30% compared with the same period of last year.
In the first quarter, Jiangsu registered 66 newly-established and capital-increasing companies with a total investment of US$100 million each, increasing by 15.8% year-on-year.
The rapid growth of large projects and the increase in the proportion of strategic emerging industries indicate that the province’s use of foreign capital is changing from high-speed growth to high-quality development. However, analysts have reminded us that in the first quarter, investment from developed countries in Europe and America was reduced, and foreign investment in service industries was still dominated by real estate. These issues all require us to continue our efforts to optimize the structure of foreign investment.
（Source: Jiangsu International Channel)
