QINGDAO approved 240 foreign-invested projects between January and May, which totaled US$2.1 billion in contract value, a 35 percent increase on the same period last year, according to statistics released by the city’s commerce bureau.

    The city has risen from sixth place to third among 15 sub-provincial cities in terms of actual appropriation of foreign capital, which stands at US$1.5 billion, a 72 percent year-on-year growth.

    The city has been actively introducing projects in four leading industries: electric appliances, chemicals, equipment manufacturing, as well as shipbuilding and ocean engineering.

    The use of foreign capital saw a fast growth in the city’s manufacturing and service industries in the first five months of this year.

    During the period, foreign investment went to 108 projects in the manufacturing industry, totaling US$940 million in contract value.

    In addition, foreign investment went to 124 projects in the service industry, totaling US$750 million in contract value.

    (Li Hao, Shen Junlin)