East China’s Anhui province has seen steady growth in foreign capital inflows since the beginning of this year despite the COVID-19 pandemic, the local commercial watchdog said on April 22.
The province’s paid-in foreign investment reached $4.49 billion during the first quarter of 2020, up 2.4 percent year-on-year, statistics from the Department of Commerce of Anhui Province showed.
In March alone, Anhui attracted $1.86 billion of foreign direct investment (FDI), representing a 15.6 percent year-on-year increase. 30 FDI projects were registered in the province, up 25 percent from the same period a year ago.
Many investors poured more capital into their projects to expand production capacity during the Jan-Mar period. This was especially the case in the pharmaceutical industry.
The sector posted a year-on-year rise of 120 percent in foreign capital inflows. Foreign investment in Chinese traditional medicine (TCM) manufacturing skyrocketed 220 percent from the same period a year earlier, and that in bio-medicine manufacturing grew 29.4 percent.