The actual use of foreign capital in Jiangsu province edged up 5.6% year on year in the first quarter, ranking first in the country, according to statistics released by the provincial department of commerce on Monday.
Statistics show that in the first quarter of this year, 713 foreign investment projects were newly established in the province with the actual use of foreign capital reaching 8.4 billion US dollars. Both indicators increased by 5.6% year-on-year.
The actual use of foreign capital in the province's manufacturing industry was US$4.21 billion, a year-on-year increase of 36.8%, accounting for half of the province's actual use of foreign investment.
The province maintained good momentum in the actual use of foreign capital in the biotechnology and new pharmaceutical industries, high-end software and information services and the new generation of information technology industry year-on-year, indicating the continuous improvement in the quality of foreign capital used in the province.
Jiangsu registered 3.72 billion US dollars in the actual use of foreign capital in the province's service industry, accounting for 44.3% of the province's actual use of foreign capital during the period. the actual use of foreign capital in scientific research, technical services and geological exploration, culture, sports and entertainment industry has doubled year-on-year, indicting continuous optimization in the province's foreign investment structure.
Judging from the source of foreign capital, in the first quarter of this year, the actual use of foreign capital from the United States, the United Kingdom, South Korea, the European Union, and Japan all achieved substantial growth year-on-year, and the sources of foreign investment gradually became more balanced.
The Foreign Investment Law was formally adopted at this year’s annual conference of the NPC and will be implemented on January 1, 2020. Industry insiders believe that the new law has reshaped the legal system for foreign investment management, which is more in line with the needs of Jiangsu's open economy development in the new era, and will further optimize the business environment of the province and increase the confidence of foreign investment in Jiangsu by foreign investors.
(Source:ourjiangsu.com)
