The actual use of foreign investment in East China's Shandong province increased by 68.5 percent year-on-year, hitting $12.53 billion in the first seven months of this year, statistics from the Shandong Provincial Department of Commerce showed.

Jinan, capital of Shandong province [Photo/IC]

The figure was 81.5 percent higher than the same period in 2019, with a two-year average increase of 34.7 percent.

In July, the actual use of foreign investment in Shandong province was $1.3 billion, up 27.6 percent year-on-year, as well as an increase of 42.2 percent from the same period in 2019 and a two-year average of 19.3 percent.

In the first seven months of the year, the actual utilization of foreign capital structure in the province was further optimized.

The actual use of foreign capital in the manufacturing industry reached $3.4 billion, up 131.6 percent year-on-year, while the actual use of foreign capital in the real estate industry accounted for 11.9 percent of the total, down 17.3 percent compared with the same period last year.

Major sources of investment also registered steady growth. Hong Kong invested $10.1 billion in Shandong, up 78.5 percent year-on-year. Singapore invested $810 million, up 74.3 percent. Japan and South Korea invested $610 million, up 188.2 percent.

RCEP members invested $1.5 billion, up 92.5 percent year-on-year. Investment from countries and regions involved in the Belt and Road Initiative reached $860 million, a 77 percent increase year-on-year.

The Jiaodong Economic Circle's actual use of foreign capital reached $7.3 billion, up 33.8 percent year-on-year and accounting for 58.3 percent of the province’s total.

The actual use of foreign capital in the provincial economic circle was $3.16 billion, up 134.2 percent year-on-year and accounting for 25.2 percent of the total.

The actual use of foreign capital in Southern Shandong Economic Circle reached $2.07 billion, up 225.6 percent year-on-year and accounting for 16.5 percent of the province's total.