By Yuling Chen, iChongqing News
Chongqing-According to the Chongqing Municipal Commission of Commerce, Chongqing foreign direct investment (FDI) reached USD 413 million, a year-on-year increase of 5.93%. Chongqing in Southwest China has seen a steady growth of capital inflows, and actually utilized foreign capital of USD 2.469 billion in the first three months of 2019, increased by 1.92% compared to the same period last year. There were 49 newly-established foreign-invested companies.
Chongqing FDI up by 43.8% against a global slide last year
In 2018, Chongqing’s utilization of foreign capital remained strong against the background of a 19% drop in global FDI. Chongqing actually utilized foreign capital of USD10.273 billion, up by 0.89% year-on-year, and its FDI achieved USD 3.251 billion US dollars, an increase of 43.8% year-on-year, ranking first in the Midwest and ninth in the country. Meanwhile, China bucked the global trend of FDI slide with a growth rate of 3%.
As of 2018, the actual use of foreign capital in the city has been maintained at more than USD 10 billion for 8 consecutive years. In addition, the foreign capital structure continued to optimize. In 2018, FDI in financial and trade industries, such as investment companies, financial leasing, modern logistics accounted for more than 60% of the total.
The business environment further to improve
This year, Chongqing will continue to strengthen the two major driving forces of “reform” and “innovation”, implement action plans of building Chongqing a pioneer of opening-up in hinterland China and further improving the business environment.
China's national legislature passed the foreign investment law, a landmark legislation that will provide stronger protection and a better business environment for overseas investors.
Chongqing will focus on the manufacturing industry with big data, artificial intelligence, biomedicine, new energy and new materials as the core, as well as the modern service industry with R&D, settlement and modern logistics as the core to carry out the precision investment. In addition, it will give a full play of the "1+2+7+8" opening-up platform.
Moreover, Chongqing will further improve the effectiveness of government services and facilitate foreign investment.
Relevant links:
China’s foreign investment law to usher in new chapter of opening up
Consul Generals in Chongqing’s Comments on New Foreign Investment Law: Encouraging Investment and Enhancing Cooperation
Chongqing’s Foreign Business Community on China’s New Foreign Investment Law