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The Contract Utilization of Foreign Capital Reached $490 Millionin the 1st Quarter in Jiaxing

The Contract Utilization of Foreign Capital Reached $490 Millionin the 1st Quarter in Jiaxing

Write: Arezou [2011-05-20]

The Contract Utilization of Foreign Capital Reached $490 Millionin the 1st Quarter in Jiaxing

The contract use of foreign capital reached $490 million in the 1st quarter in Jiaxing, a year-on-year growth of 27 percent. According to analysts, Several Opinions on Further Improving the Work of Foreign Capital Utilization from the State Council issued recently will offer foreign investors a clearer guide to their investment in China.

In the light of strictly controlling investment in industries of over-capability and in high-polluting and high-energy consuming industries, both domestic and foreign investors will enjoy equal right. This may help increase the ratio of foreign investment in those industries which are encouraged by the government.

According to statistics released by Jiaxing Municipal Bureau of Foreign Trade and Economic Cooperation, there were 69 newly approved foreign-invested projects in the 1st quarter, a rise of 18 over the same period of last year. The actual utilization of foreign capital was $260 million, a year-on-year decrease of 15 percent. However, in March, with a strong rebound, the contract use of foreign capital was $280 million, a rise of 484.8% compared with February, and a year-on-year growth of 34.7 percent.

The top five industries in utilizing foreign capital vary greatly from last year. They are electrical machinery and equipment, warehousing and storage, agriculture, the manufacture of textile wearing apparel, footwear and caps, and general equipment manufacturing. Among them, warehousing and storage and agriculture were included in the top five for the first time.