Hubei’s actual use of foreign capital soars to $7.5b in H1

Hubeis foreign direct investment (FDI) reclaimed the NO.1 in central China and top ten in the country in the first half (H1) of this year, according to the Department of Commerce of Hubei Province.

In H1, Hubei actually utilized 7.5 billion U.S.dollars, achieving a year-on-year increase of 2.8 times and 124.9 percent of the target, the official data showed.

Based on the same data source, the province’s actual use of foreign capital exceeded the same period in 2019 during the period, with a record high reaching 1.83 billion U.S.dollars in June, an increase of 4.7 percent year on year over 2019.

Out of 17 cities and prefectures in the province, 14 have gained positive growth compared with 2019, highlighting Jingzhou and Xiantao that have taken the lead in completing full-year targets.

In H1, 229 foreign-funded enterprises have been set up in the province, an increase of 1.3 times over last year. The contractual foreign investment in the province rose 52.7 percent year on year to 4.11 billion U.S.dollars.

The provinces tertiary industry received paid-in investment of 4.03 billion yuan in Jan.-Jun., accounting for 53.8 percent of its total use of foreign capital and 4.8 percentage points higher from the same period in 2019. Especially, the sectors of information transmission, software and information technology service actually utilized 380 million U.S.dollars, twice of that in the same period in 2019; the sectors of transportation, warehousing, and postal actually utilized 380 million U.S.dollars, a 2.7-fold increase from the same period in 2019; the service sector saw a substantial increase in its proportion in tertiary industry, the department introduced.

Hubei developed partnership with more foreign countries during the six months, seeing paid-in investment from 35 countries and regions, an increase of six over the same period in 2019.

Meanwhile, the investment from European countries to Hubei expanded dramatically, with the Netherlands, France, and Germany ranking 4th, 6th, and 8th among the top eight; the major member states of RCEP ratcheted up investment in the province, with Singapore, Japan, and South Korea respectively ranking 2nd, 3rd and 9th in terms of the amount; Hong Kong continued to maintain the provinces largest source region of foreign investment, with paid-in investment up 2.4 percent over 2019. 

Leave Comment

Your email address will not be published. Required fields are marked *