SW China’s Chongqing sees foreign capital in actual use exceed USD10 bln in 2020

Southwest China's Chongqing Municipality saw the actual use of foreign capital hit 10.27 billion U.S. dollars in 2020, said the local government on Tuesday.

In 2020, foreign direct investment (FDI) into the municipality stood at 2.10 billion U.S. dollars last year, among the highest in the southwest part of China.

Last year, the municipality saw 287 newly-established foreign-funded enterprises, up 28.7 percent year on year, with contractual value reaching 5.79 billion U.S. dollars, an increase of 84.97 percent.

Despite global economic fallout from the COVID-19 pandemic, Chongqing has secured a relatively stable foreign investment, thanks to the local government's policy supports.

The municipal government implemented reforms to streamline administration, delegate powers, and improve regulation and services, which enabled the foreign-funded business to enjoy pre-establishment national treatment and shortened negative list.

Meanwhile, the local government also unveiled multiple measures to buffer the impacts of the epidemic.

Amid the epidemic, the municipal government also created new working mechanism, in which officials contact senior management team of multinationals via video link to facilitate major projects, with added foreign investment up to 590 million U.S. dollars.