Amcham South China predicted in a recent member survey that, despite the US-China trade war, its members were prepared to keep investing in the country. The same went for Britcham. Official data suggests they – and other foreign investors – kept their word. In the first half of 2019, Guangdong approved nearly 8,000 foreign direct investment projects, worth RMB83.77 billion, up 5.9% year-on year.
Big projects are the driver. The province has seen a 28.2% increase in projects worth more than US$100 million, totaling US$7.61 billion among 26 projects. Companies like General Electric, Exxon Mobil and BASF launched large industrial projects in second-tier cities like Jieyang, Huizhou, and Zhanjiang.
Around 40% of the total FDI went to the province’s free trade zones, which attracted RMB33.48 billion. The most favored sector is the high-tech industry, which utilized RMB13.83 billion of FDI, up 82%, in the first half. Investment from developed countries amounted to RMB11.08 billion, up more than 60%, among which France (+43 times), South Korea (+4.5 times) and Italy (+3.3 times) were the biggest.
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