As Shandong continues to deepen its opening up and improve its business environment, it has become increasingly attractive to foreign investment, local media reported recently.

An aerial photo shows a busy scene at Qingdao Port in Shandong province. [Photo/VCG]

Statistics from the Shandong Provincial Department of Commerce showed that there were 1,074 newly established foreign-invested enterprises in Shandong in the first five months of this year, a year-on-year growth of 31.5 percent, while the province's actual utilized foreign capital reached $8.32 billion, an increase of 70.7 percent year-on-year and 30.9 percent higher than that of the country.

Over this period, eight cities in Shandong witnessed signified increases in actual use of foreign capital. Liaocheng, Jining, Heze, Tai'an, Linyi, Dezhou, Weifang, and Binzhou increased their actual foreign investment by 1,275 percent, 625.4 percent, 585.8 percent, 310.7 percent, 279.5 percent, 184 percent, 142.5 percent, as well as 103.1 percent respectively.

The amount of foreign investment actually used in the service sector continued to increase. Foreign investment actually used in the province's service sector reached $5.68 billion, up 69.8 percent year-on-year.

Foreign investment actually used in Shandong's high-tech service sector doubled, hitting $1.33 billion, up 183.7 percent year-on-year.

Shandong authorities said that the province has been consistently working towards further opening up and reform, improving its business environment, as well as facilitating foreign investment.

Since last year, despite the adverse impacts of the COVID-19 pandemic, Shandong has hosted a series of high-profile events to deepen exchanges and cooperation with foreign business associations and multinational corporations.

The province is also seizing opportunities brought about by national strategies like the China (Shandong) Pilot Free Trade Zone, as well as the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Qingdao to further opening up and to promote high-quality development.