Wuxi's actual use of foreign capital rises 34.1%

The actual use of foreign capital in Wuxi, East China's Jiangsu province, increased by 34.1 percent year-on-year to $1.53 billion during the first four months of the year.

Inflows of foreign capital into high-tech industries, including electronic information, biological medicine, equipment manufacturing, and technological services, hit $640 million during the period – a year-on-year increase of 47.6 percent.

The city also secured five projects with a total investment of $740 million and involving high-tech industries at an online signing ceremony held on May 16.

The stable inflow of foreign capital into the city is due to the expansion of local foreign-invested companies.

For example, since 2010 when it started operating in Wuxi, Cellular Biomedicine Group Wuxi Ltd has received a combined foreign investment of $125 million from its parent company, which plans to invest $75 million this year into its Wuxi subsidiary.

In addition, Wuxi is increasingly attractive to foreign-funded headquarters.

Belgium-based Van de Wiele Group, a world leader in the textile machinery industry, decided to relocate the Chinese operations and some of the European operations of its newly-acquired Savio Macchine Tessili S.p.A. to Wuxi and build the Van de Wiele-Savio China Headquarters and a research base for the textile machinery in the city.

Wuxi is currently home to 45 regional headquarters of transnational companies and functional institutions certified by Jiangsu province.