Jilin's Q1 foreign capital utilization off to a flying start

Jilin's economy has become increasingly efficient at absorbing inflows of foreign capital. [Photo/VCG]

Jilin's economy has become increasingly efficient at absorbing inflows of foreign capital, and it has recently witnessed a rise in the amount of capital being invested overseas during the first quarter of 2019, according to the Department of Commerce of Jilin Province.

The actual utilized foreign capital of the province in the first quarter increased by 39.9 percent, while the agreed investment of the province abroad increased by 87 percent.

Since the beginning of the year, Jilin province has been focusing on promoting a new round of high-level opening-up, paying equal attention to "attracting foreign investment" and "investing abroad".

The supportive policies and improved business environment in the province further enhanced the province's ability to attract foreign investment. In the first quarter, the province's foreign investment was mainly concentrated in the sectors of automobile manufacturing, health and medicine, as well as service, which injects new vitality into the industrial transformation and upgrading. For instance, Valeo compressor (Changchun) Co Ltd is determined to increase its capital by $49.33 million to build a new production line in Changchun.

Meanwhile, it focuses on jointly building the "Belt and Road Initiative", giving full play to the industrial advantages of equipment manufacturing, agriculture and forestry, in order to promote the enterprises' going global. As a result, its investment abroad was mainly concentrated upon countries including Russia and the United States, covering agricultural planting, livestock breeding, dairy products processing and manufacturing industry. The overall development trend of overseas investment and financing, production and service were prosperous, which strongly expanded its economic development space.