Shanxi foreign investment shows great development momentum

By Ge Yingqiu ( )

Updated: 2013-05-06

Shanxi attracted total foreign investment of $14.28 billion in the first quarter of the year, with a year-on-year growth of 331.68%, higher than last year's 319.37%. The total investment in March reached $5.45 billion, while the total investment of the same period last year was $5.39 billion.

In addition, a total of 12 foreign invested companies have already been approved in Shanxi this year, double the number compared to the same period last year. The foreign capital actually used so far this year has reached $4.87 billion, up 49.23%.

This is a good momentum, and 6 of the 12 new foreign invested companies are from Hong Kong. The manufacturing industry is the main industry that has been attracting foreign investments in Shanxi.

Industries like manufacturing, transportation warehousing and postal services have always been popular with foreign investors. Manufacturing attracted contracts worth $104 million foreign capital, while transportation, warehousing and postal services attracted $180 million.

Shanxi is also actively encouraging local companies to invest abroad, with current foreign investments overseas reaching $10.9 billion. In addition, 10 state-owned enterprises have invested in more than 10 foreign countries and regions like Germany, Australia, the United States, Brazil, Peru, Turkey, South Africa, Hong Kong, Singapore, and India, with the total outbound investments reaching $4.9 billion, 45% of the total outbound foreign investments of Shanxi.

Edited by Zhou Yuanyuan and Niva Whyman