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Jiangxi's foreign capital utilization surges 400-fold in past 40 years

Updated: Aug 21, 2019 govt.chinadaily.com.cn Print
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Night view of Nanchang, East China's Jiangxi province [Photo/VCG]

East China's Jiangxi province has attracted 18,919 foreign-invested enterprises with a contract amount of $114.76 billion since the launch of China's reform and opening-up in 1978, according to statistics released by the local government.

The annual foreign capital utilization has grown 400-fold from over $30 million in 1978 to $12.57 billion in 2018. In the first quarter of 2019, 122 foreign-invested enterprises settled in Jiangxi, and the province's actual utilization of foreign capital totaled $3.14 billion, an increase of 38.3 percent year-on-year, with its total investment ranking 10th in the country.

The statistics show that Jiangxi's foreign direct investment (FDI) came mainly from more than 90 countries and regions, including China's Hong Kong, Macao and Taiwan, and the United States, Japan, Canada, German, the United Kingdom, Singapore, Thailand, Philippines, Brunei and Australia. The large foreign capital inflow plays an important role in Jiangxi's reform and opening-up, as well as its high-quality development.

By the end of 2018, 69 global Top 500 enterprises had invested in Jiangxi. They included Ford, Toshiba, ABB and Kyocera, along with a wide range of well-known transnational corporations like Kohler, Cabot and Magna, all of which have boosted the development of Jiangxi’s key industries, as well as promoted the formation of the province's industrial chain.

Currently, the province has cultivated its characteristic industrial clusters in semiconductor lighting, photovoltaics, equipment manufacturing, characteristic metallurgy, metal ware, electronic information, modern household appliances, food and building materials.

In 2018, the sales revenue of foreign-invested enterprises in Jiangxi totaled 500.7 billion yuan ($71.07 billion), recording an import-export value of $14.2 billion, which accounted for 29 percent of the province's total amount. Foreign-invested enterprises offered 390,000 jobs, and tax revenue generated by these enterprises accounted for 20 percent of Jiangxi's national tax income. The contribution rate of an open economy to the province's economic growth hit 50 percent, of which fiscal revenue accounted for one-third of the province's total number.

At the same time, overseas-funded enterprises have made great contributions to promoting Jiangxi's technological progress and development, as well as the transformation of scientific and technological achievements.

Source: jiangxi.gov.cn

(This English version is only for reference. To learn more, please refer to the authoritative Chinese version.)

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