Shandong's actual use of foreign capital soared 20.1 percent on a yearly basis to $17.65 billion in 2020, ranking fourth in China and 15.6 percentage points higher than the national average, according to data released by the Shandong Provincial Department of Commerce.

Last year, Shandong made unremitting efforts to attract investment and boost international cooperation in pandemic control.

A freighter docks at the Port of Qingdao in East China's Shandong province. [Photo by ZHANG JINGANG/FOR CHINA DAILY]

Over the past year, there were 3,060 newly established foreign-invested enterprises in Shandong, a year-on-year growth of 21.6 percent.

The actual utilization of foreign capital in the province's manufacturing industry has increased rapidly. A total of 568 foreign-funded manufacturing enterprises were established in 2020, up by 7.8 percent year-on-year, with actual utilized foreign capital totaling $3.78 billion, up 11 percent year-on-year.

The province's actual use of foreign capital in the pharmaceutical manufacturing industry hit $450 million, up by 140 percent, while its actual use of foreign capital in automobile manufacturing, computer communication and electronic equipment manufacturing, non-metallic mineral products and metal products grew by 90.5 percent, 27.7 percent, 147.2 percent and 64.8 percent respectively.

The actual use of foreign capital in the service sector has improved. Last year, there were 2,313 newly established foreign-funded enterprises in the service sector in Shandong, up 24.2 percent year-on-year, with actual utilized foreign capital reaching $12.44 billion, up 26.1 percent year-on-year.

Investment from the main foreign capital sources of Shandong has remained stable. Investments from South Korea and Japan in the province last year increased significantly by 136.4 percent and 115.7 percent respectively.

The five cities of Qingdao, Yantai, Jinan, Weihai and Weifang used more than $1 billion in foreign capital, while usage in Linyi, Jining and Tai'an exceeded $600 million.