|

Jiaxing in East China's Zhejiang province has become a hub for high-quality foreign investment in Zhejiang. [Photo/cnjxol.com]

Jiaxing, a city in East China's Zhejiang province, has become a hub for high-quality foreign investment in Zhejiang, local media reported on March 2.

In 2020, actual use of foreign capital in the city surged 14.4 percent year-on-year to $2.65 billion, ranking second in Zhejiang, while the contractual use of foreign capital totaled $6.38 billion.

In addition, Jiaxing introduced 344 foreign-invested projects last year, including 21 projects invested by Global Fortune 500 companies, more than any other city in Zhejiang.

Moreover, the proportion of foreign capital in actual use in the high-tech manufacturing industry in Jiaxing has been rising. In 2020, 33.45 percent of total foreign capital in the city went to the high-tech manufacturing industry, 6.61 percent more than the year before.

Last year, in order to attract more foreign investment, Jiaxing launched a hundred-day competition for foreign capital utilization among its districts and counties, as well as a number of online activities meant to attract investment.

Forty-two foreign-invested projects in Jiaxing receiving a total of $7 billion yuan in investment were secured online in 2020, including six projects receiving more than $100 million in investment.

Mobilizing local foreign-funded companies to increase investment was another way in which Jiaxing tried to increase use of foreign capital.

Statistics show that 166 foreign-funded companies in the city announced that they will invest more in the city, with the total contractual use of foreign capital reaching $2.18 billion.

Jiaxing's strong business environment is effective in attracting foreign capital. It is easy to start a business in the city and it boasts strong transportation infrastructure, an attractive living environment, and a healthy financial ecosystem.