Ningbo's actual use of foreign direct investment surged 4.4 percent year-on-year to $2.467 billion in 2020 despite a sharp decrease in international investment due to the COVID-19 pandemic, according to the city's commerce bureau on Jan 23.

According to officials, 623 new foreign-invested companies opened in Ningbo last year, receiving a combined $11.335 billion in investment.

Fortune Global 500 companies are playing an active role in the rise of Ningbo's actual use of FDI. In 2020, world-renowned companies such as automaker Daimler AG, retailer Walmart, and American biopharmaceutical company MSD set up branches in the city.

"The rapid development of Ningbo makes it appealing to foreign enterprises," said an official of the city's commerce bureau, who added that the city plans to further open up and improve its business climate to provide long-term support for foreign investment.