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China's economic powerhouse province kick-starts new year with robust foreign investment

Xinhua | Updated: 2023-02-22 17:02
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An employee works on the production line of a foreign-funded machinery manufacturer in Suzhou, Jiangsu province. [Photo by Zhai Huiyong/For China Daily]

NANJING -- East China's economic powerhouse Jiangsu province saw its actual use of foreign direct investment (FDI) hit $4.83 billion in January, up 24.6 percent year-on-year, the provincial commerce department said.

Jiangsu led the country in the actual use of FDI in January, with the manufacturing sector logging $1.04 billion, up 9.3 percent year-on-year, and the service industry surging 40.3 percent year-on-year to $3.71 billion in the period.

The actual use of FDI going to high-tech industries posted $1.24 billion, up 47 percent year-on-year.

In particular, the province saw its actualized FDI from the Republic of Korea skyrocket by 1071.3 percent year-on-year in January and that from Japan surge by 437.8 percent year-on-year in the period.

Thanks to its favorable business environment, Jiangsu has long been a popular destination for global investors. In 2022, the province newly approved 35 regional headquarters and functional institutions of transnational corporations, bringing the total to 366.

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