Wuxi district tops Jiangsu for actual use of foreign capital

Wuxi National Hi-tech District saw its actual use of foreign capital last year hit $1.28 billion, the highest amount for all the districts of cities throughout East China's Jiangsu province, local officials announced on Feb 20.

Of the total the actual use of foreign capital from Hong Kong, South Korea and Japan came in at $460 million, $420 million and $220 million respectively.

The actual use of foreign investment in the manufacturing industry reached $699 million, accounting for 54.5 percent of the district's total foreign investment. The modern services industry attracted over $100 million of foreign investment in 2020, an increase of 43.9 percent year-on-year.

Investments from international corporate heavyweights promoted the district's development over the past year. In 2020, a total of 17 projects with individual investment of $30 million were newly approved and registered in the district.

The provincial headquarters of two multinational corporations and functional institutions were recognized in the district last year, taking the total amount to 17 and accounting for 42.5 percent of Wuxi city's total.

WND officials said that the district plans to establish more domestic and foreign representative offices in key cities, regions and countries to better attract investment. In 2021, three such offices are set to be opened in Japan, South Korea and Europe. Another three offices will also be opened in Europe and the United States within three years.

The district has set the goal of increasing its actual use of foreign capital to $1.33 billion in 2021, according to officials.