East China’s Jiangsu province registered steady economic development in the past year against the complicated and ever-changing external situation, as is evidenced by the continuous optimization of the structure of foreign capital, the rising proportion of the service industry, the accelerated pace of the Belt and Road initiative, and the enhancement of two-way opening-up so as to propel the high quality development of the province’s economy.
Last year, Jiangsu registered 3348 new foreign investment projects with an increase of 60.52 billion dollars of contracted foreign capital and 25.5 billion dollars of actualized foreign capital. Both figures reported steady growth year on year.
The service industry recorded an increase of 17.5% in the utilization of foreign capital, accounting for half of the provincial total.
A multi-national investment fund from Hong Kong invested a few hundred million yuan last year to build a number of international youth apartments in Nanjing. They have rebuilt some of the waste factories and idle office buildings in convenient transportation areas, and built a number of medium and high-end long-term rental apartments.
In the past year, Jiangsu issued the Opinions on Promoting Foreign Capital Quality Improvement and Efficiency, further breaking the "glass door" of service industry investment, and effectively boosting the vitality of foreign capital through the implementation of pre-entry national treatment plus negative list management system.
In 2018, Jiangsu registered 1,074 new enterprises with an increase of more than US$30 million in net assets, growing 8.4% year-on-year. The ten strategic emerging industries with advanced manufacturing industries reported a year-on-year increase of 13.9% in the actualized foreign capital of 12.4 billion US dollars, which contributed to the further optimization of the foreign capital structure.
In the meantime, Jiangsu-based enterprises have made aggressive efforts to seek greater global presence by tapping into the country’s Belt and Road initiative.
The 132 MW photovoltaic power station invested by Jiangsu Canadian Solar Inc in the Northern Cape Province of South Africa is under intense construction. Upon its operation at the end of this year, it will provide a steady stream of clean electricity to 50,000 local residents.
Last year, Jiangsu registered an increase of 786 overseas investment projects, up 24.3% year on year. the province’s increase of investment in the countries along the Belt and Road edged up by 46.9% year on year, accounting for 30% of the provincial total. The amount of contracted investment added up to 2.31 billion yuan.
(source:ourjiangsu.com)
