A panoramic view of Hohhot, in Inner Mongolia autonomous region. [Photo/Hohhot news network] 

In the year to date, Hohhot – capital city of North China's Inner Mongolia autonomous region – has utilized foreign capital of $407 million.

That's an increase of $250 million compared with the same period last year and a year-on-year rise of 160 percent, ranking it first in the autonomous region. 

It is estimated that the total amount of foreign capital utilized this year will be $407 million.

According to the municipal departments involved, in the current year, Hohhot presided over 10 foreign-invested enterprises establishing themselves there, with a total registered capital of $36.2 million and a planned investment project scale of $36.6 million. 

Among their ranks were two enterprises with a registered capital of more than $10 million. 

The companies were from the United States, Mongolia and Ghana – and at home, from Hong Kong and Taiwan. The investments involved business services, automobile retail, agriculture, forestry and animal husbandry and other industries. 

In 2023, Hohhot plans to utilize foreign capital of $100 million. Based on this, further efforts will be made to improve the service quality for foreign capital and the level of utilization of foreign capital. 

Hohhot will establish a commissioner service mechanism for key foreign-invested enterprises. It will regularly schedule the work progress of foreign-invested enterprises and promote the implementation of foreign-invested projects as soon as possible. 

The city will increase its support for the investment promotion work of the Hohhot Comprehensive Bonded Zone, attracting foreign-funded enterprises to carry out cross-border e-commerce and other business. 

Focusing on the development direction of the city's six major industrial clusters, Hohhot will organize investment promotion activities in the Yangtze River Delta, the Pearl River Delta and other export-oriented economically developed areas.