East China’s Jiangsu province tops the country in the amount of foreign direct investment in the first four months of the year, the provincial department of commerce said on Wednesday.
From January to April, Jiangsu reported US$11.26 billion of FDI, a year-on-year increase of 45.2%, accounting for 19.1% of the country's total, and registering an upsurge of 1.2% and 0.3% compared with the same period in 2019 and 2020.
The province’s manufacturing industry accounted for nearly 30% of the country’s total FDI in the sector. The high-tech service industry reported a FDI increase of 8.6% year-on-year, accounting for 21.1% of the total FDI in the service industry.
Investment from Hong Kong surged by 63.1% year on year, up 8.1 percentage points from last year. Singapore and Japan increased their direct investment in Jiangsu by 120% and 101% respectively.
Key investment projects became the primary driving force behind the FDI increase during the four-month period.
FDI in large investment projects with individual investment of 30 million US dollars increased by 33.7% year on year with the amount of FDI surging by 41.2% year on year.
Major investment projects such as Sany Heavy Machinery, AAC Technology, and Samsung Electro-Mechanics reported accelerating progress in FDI.
In February, the Provincial Department of Commerce made a new revision on the preferential policies for multinational company headquarters and functional institutions to settle in Jiangsu by optimizing the selection criteria, gave greater support to the development of foreign investment in the service industry, and encouraged more foreign investment in R&D.
