The actual utilization of foreign investment in Ningbo, East China's Zhejiang province reaches 11.63 billion yuan ($1.68 billion) from January to July. [Photo/VCG]

The actual utilization of foreign investment in Ningbo, East China's Zhejiang province reached 11.63 billion yuan ($1.68 billion) from January to July, official data shows.

The figure represented a yearly increase of 4.7 percent, 4.2 percent higher than the national average recorded over the seven-month period, the Ningbo Municipal Bureau of Commerce said.

The growth indicates the recognition from foreign investors for Ningbo's advantages, such as its business climate and market potential, said a head official from the bureau.

The city's actual use of foreign capital accounted for 2.16 percent of the nation's total and 69.3 percent of the city's annual target.

This year, four foreign Fortune 500 companies including Daimler, Fresenius, Walmart have made investment in Ningbo.

To date, a total of 67 foreign Fortune 500 enterprises have set up 147 projects in the city. 

Sixteen companies utilized investment with a combined value of $358 million through the reinvestment of profits over the seven-month period, a 336.5 percent year-on-year increase. 

The majority of overseas investment was pumped into sectors like service, wholesale, and retail trade, as well as leasing and business service. 

In the first seven months of this year, the actual use of foreign investment in Ningbo's service sector reached $909 million, up 41.8 percent year-on-year, accounting for 54.6 percent of the city's total, which is 15.4 percent higher than the same period last year.

The total for the city’s wholesale and retail trade, as well as leasing and business service sectors were $310 million and $460 million, up 117.8 percent and 281.1 percent respectively.

The rapid growth in investment in the service sector reflects that foreign enterprises are confident about the huge consumption potential of Ningbo and the whole eastern Zhejiang region, which will help Ningbo build itself into an international consumption city, the official said.