Over 1,000 new foreign-funded manufacturing firms established in China's Guangdong in 2023

This undated photo shows a production line of new energy vehicles (NEVs) of BYD in Shenzhen, south China's Guangdong Province. (BYD/Handout via Xinhua)

GUANGZHOU, Jan. 23 (Xinhua) -- A total of 1,078 new foreign-funded manufacturing enterprises were set up in south China's Guangdong Province in 2023, marking a year-on-year increase of 29.9 percent, local authorities said on Tuesday.

The actual utilization of foreign capital in Guangdong's manufacturing industry reached 49.22 billion yuan (about 6.92 billion U.S. dollars) last year, up 11.7 percent year on year, said Zhang Jinsong, head of the provincial department of commerce, told a press conference of the second session of the 14th Guangdong Provincial People's Congress.

In 2023, Guangdong's high-tech manufacturing industry attracted 25.09 billion yuan of foreign investment, marking a year-on-year increase of 40.5 percent, Zhang added.