Fujian’s utilized foreign investment in the first eight months of the year totaled RMB 26.7 billion, an increase of 10.1% year-on-year and 32% over the same period in 2019. The amount means that the annual target has been 72.5% completed, exceeding the scheduled progress by 5.8 percentage points. 

The high-tech sector saw a 41.9% increase in utilized foreign investment. Specifically, utilized foreign investment leapt by 1,831.9% in the R&D and design service industry, 296% in the medical equipment and instrument manufacturing industry, and 120.8% in the service industry for the commercialization of scientific and technological achievements. All these industries enjoyed rapid growth. 

The service sector maintained strong growth in utilized foreign investment. The growth rate reached 48.5%, constituting 68.5% of the provincial total and up 1.2 percentage points over the first half of the year. FDI inflows to various large-scale investment projects in the service sector, especially those launched by Car & Family Investment Co. and Meitu Home, have produced strong stimulatory effects. Large-scale investment projects in the service sector with FDI inflows exceeding RMB 100 million accounted for 83.5% of the total utilized foreign investment in the service sector. 

FDI inflows from developed countries increased sharply. Specifically, FDI inflows from Japan and Singapore soared 2,021.8% and 71.1%, respectively. FDI inflows from Australia, the U.S. and Germany surged 1,115%, 704.3% and 567.8%, respectively, though all in modest amounts.  

Key projects accounted for nearly 80% of the FDI inflows. Specifically, 57 foreign-invested enterprises (10 more than the same period last year) reported cumulative FDI inflows over RMB 100 million, and together, they accounted for 77.5% of the province’s total FDI inflows. Thirteen companies recorded cumulative FDI inflows over RMB 500 million, including Luckin Coffee (China) Co. Ltd., Electric Glass (Xiamen) Co. Ltd., Pupu Tech (Fujian) Co.Ltd. and Fujian Billion Polymerization Fiber Technology Industrial Co. Ltd.