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Zhejiang’s Actual Use of Foreign Capital Exceeded 120 Billion Yuan in 2017
2018-01-19 09:16:04

Reporters learned on January 16 from Zhejiang Provincial Department of Commerce that in 2017, the province had 3030 new foreign-funded enterprises, and the actual use of foreign investment reached 120.73 billion yuan, a 2.7% year-on-year increase. 529.17 billion yuan has been actually utilized in the past five years, which is way ahead of the “5 trillion yuan in 5 years” target set by the provincial Party committee and the provincial government.

According to the released information, the number of major foreign investment projects was on the rise in 2017. 89 new enterprises, with an investment of 100 million US dollars each, were added, which is 21 more than 2016. The total investment was 27.75 billion US dollars and the contractual foreign investment was 10.58 billion US dollars, up 51.6% and 21% respectively. These enterprises are mainly involved in strategic new industries such as biomedicine, new material, new energy, logistics, automobile, and environment protection.

The investment in the tertiary industry and the high and new technology industry also saw a rapid growth in 2017. The actual use of foreign investment in the tertiary industry was 11.68 billion US dollars, accounting for a 13.5% year-on-year increase, and taking up 65.2% of the total, an increase of 6.6%, while the investment in accommodation, retail, and culture, sports and entertainment more than doubled. The actual investment in the high and new technology industry reached 5.39 billion US dollars, up 42.6%, accounting for 30.1% of the total, an increase of 8.6%.

As a result of the deepening of the “at-most-one-time presence” reform, Zhejiang has upgraded its investment environment to attract more foreign capital. Since 2017, the relevant departments have actively improved the foreign investment approval process, sorting out 5 major procedures and 32 subordinate procedures, and over 100 laws and regulations, and editing a practical guide with over 400 pages. The application materials to be filed, which used to include 29 items, has been reduced to 9, and the time has been sped up to 3 days from the previous 30 days. Even the remained application procedures have been cut to 20 days from the previous 30 days. In addition, Zhejiang is actively promoting the “one window one form” mode for business filing and registration, and has been listed as one of the pilot provinces to implement the “single window and single form” reform in the country.

It is introduced that Zhejiang, with the goal of building a high quality foreign investment center”, will strive to realize the actual utilization of 100 billion US dollars of foreign investment in the future 5 years, and further narrow the gap with Jiangsu and Guangdong.

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