China's economic powerhouse province kick-starts new year with robust foreign investment

NANJING, Feb. 22 (Xinhua) -- East China's economic powerhouse Jiangsu Province saw its actual use of foreign direct investment (FDI) hit 4.83 billion U.S. dollars in January, up 24.6 percent year on year, the provincial commerce department said.

Jiangsu led the country in the actual use of FDI in January, with the manufacturing sector logging 1.04 billion U.S. dollars, up 9.3 percent year on year, and the service industry surging 40.3 percent year on year to 3.71 billion U.S. dollars in the period.

The actual use of FDI going to high-tech industries posted 1.24 billion U.S. dollars, up 47 percent year on year.

In particular, the province saw its actualized FDI from the Republic of Korea skyrocket by 1071.3 percent year on year in January and that from Japan surge by 437.8 percent year on year in the period.

Thanks to its favorable business environment, Jiangsu has long been a popular destination for global investors. In 2022, the province newly approved 35 regional headquarters and functional institutions of transnational corporations, bringing the total to 366.