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Urban areas of Shaoxing in East China's Zhejiang province. [Photo/Zhejiang Daily]

Despite the present landscape of economic uncertainty, foreign firms have nonetheless been stepping up their investments in Shaoxing, East China's Zhejiang province.

According to the Shaoxing Center for Business Attraction and Investment Promotion, the actual utilization of foreign investment in Shaoxing from January to August was $711 million, a year-on-year increase of 78.2 percent.

Starting this year, the city has been focused on stabilizing and increasing foreign investment. In the January-August period, the city introduced 117 foreign-funded projects worth $1.25 billion in contract value.

Minth Group, which set up its branch in the Digital Economy Industrial Park in Shaoxing, will be investing $100 million in semiconductor research and manufacturing. The project received $40 million in foreign investment this year.

So far, four projects in Shaoxing have been listed as key foreign-funded projects by the Ministry of Commerce.

Local officials have said that Shaoxing will further optimize the ways of utilizing foreign investment and improve the business environment for foreign investors.