A worker configures the system of the seam sealing equipment for protective clothes at the workshop of Nawon Machinery Co., Ltd. in Jimo District of Qingdao, east China's Shandong Province, April 11, 2020. (Xinhua/Li Ziheng)
BEIJING, Jan. 28 (Xinhua) -- The actual use of foreign capital in east China's Shandong Province grew by 20.1 percent year on year in 2020, 15.6 percentage points higher than the national average.
in 2020, Shandong's actual use of foreign investment totaled 17.65 billion US dollars, the fourth largest among all province and regions in China.
The province saw 3,060 newly-established foreign-invested enterprises in 2020, a 21.6-percent increase on year, according to the provincial commerce department.
Foreign investment in Shandong's manufacturing industry grew fast last year with 568 foreign-funded manufacturing firms newly set up, utilizing 3.78 billion US dollars with an 11-percent increase on year. Particularly, 450 million US dollars went to pharmaceutical manufacturing, hiking 140 percent on year.
For the service industry, 2,313 foreign-invested service enterprises were established with foreign investment totaling 12.44 billion US dollars, up 26.1 percent on year.
Foreign investment in the province from major sources grew steadily with investment from the Republic of Korea and Japan rising significantly by 136.4 percent and 115.7 percent on year respectively.
More foreign companies choose Shandong due to the province's continuous efforts in improving business environment. For example, EDF, ABB, Wilmar International and some other world's Top 500 multinationals set up branches in Shandong in 2020. (Edited by Wang Jing, Niu Huizhe with Xinhua Silk Road, niuhuizhe@xinhua.org)
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