The actual utilization of foreign investment in Ningbo in East China's Zhejiang province hit $795 million in the first two months of this year, local authorities announced recently.

The figure represents a year-on-year increase of 13.6 percent, 13.4 percentage points higher than the provincial average, according to statistics from the Ministry of Commerce.

High-tech industries are still a magnet for foreign capital. Official statistics show that the actual use of foreign investment in Ningbo surged 484.1 percent to $510 million during the two-month period, accounting for 64.3 percent of the city's total.

An official at the Ningbo municipal bureau of commerce said that the robust growth in investment in high-tech sectors can be attributed to the city's solid industrial foundation and economic resilience.

Ningbo reported a year-on-year increase of 16.1 percent in the added value of high-end manufacturing enterprises above designated size in 2021. Sustained growth was seen in the artificial intelligence, digital economy and new materials sectors in the past year, data from the Ningbo municipal bureau of statistics show.

"Ningbo's digital economy foundation, location advantage and concentration of the world's top 500 enterprises are why we chose the city," said Xiao Bin, president of Huice (Zhejiang) Network Technology Co Ltd, which made an investment of $40 million in Ningbo's Zhenhai district last month.