The actual utilization of foreign direct investment (FDI) in Wenzhou, East China's Zhejiang province amounted to $612 million in 2022, a 12.5 percent year-on-year growth and 7.3 percentage points higher than the province's average.
The amount for the high-tech industry in the city was $339 million, up 94.5 percent compared to 2021.
Wenzhou has in recent years implemented a series of measures to attract foreign investment. For example, authorities had established long-term partnerships with institutions like Cushman &Wakefield, PwC, and the Zhejiang Provincial Center for Investment Promotion.
The city also issued a guideline which states that a single foreign-invested project can receive a maximum of 30 million yuan ($4.34 million) in subsidies, and held many international events such as the 2022 Fortune China 500 Summit.
In addition, Wenzhou has strengthened cooperation with fund management companies and launched the first Qualified Foreign Limited Partnership (QFLP) project in the city. The project has received more than $40 million in investments to date.
In the meanwhile, Wenzhou has been improving its business environment and providing efficient services to foreign-funded projects to attract foreign investment.
In 2023, the city aims to utilize $650 million in FDI and hold a number of investment promotion events in countries including Germany, Italy, and Thailand. Wenzhou's actual utilization of FDI in January grew 27.5 percent year-on-year.
