In 2008, the scale of foreign capital utilization continued to expand in Hangzhou. Altogether 483 contracted projects with direct foreign investment were approved during the year for a total foreign capital of USD 6.228 billion in contracts, 11.6% over the previous year, and actual foreign investment of USD 3.312 billion, 18.2% over the previous year.

In the tertiary industry, the contractual foreign capital of USD 3.103 billion accounted for 49.8% of total foreign capital in contracts, and the actual foreign capital of USD 1.954 billion accounted for 59.0% of total actual foreign capital.

Among the projects were 282 with individual investment of over USD 10 million and total foreign investment in contracts worth USD 5.32 billion, accounting for 94.2% of total foreign investment; the foreign capital structure and quality was thereby improved and optimized. By the end of 2008, Hangzhou attracted 65 Top 500 enterprises around the world to establish 107 enterprises in the city.

Hangzhou’s export rate is still growing fast. The city reached a total import and export volume of USD 48.065 billion in 2008, 10.7% over the previous year, in which total import volume amounted to USD 14.451 billion, 7.4% over the previous year, and total export volume totaled USD 33.614 billion, 12.2% over the previous year. Export product structure was optimized continuously as the proportion of hi-tech product exports was raised.

The leading position of the export of mechanical and electric products was strengthened: total export volume of mechanical and electric products was USD 13.481 billion, 4.8% over the previous year, accounting for 40.1% of the city’s total export volume. The achievement of the “multiple market strategy” is significant.

In 2008, Hangzhou’s export volume to the USA decreased by 7.6% over the previous year. Export volume to the EU climbed 23%; that to Japan rose 6.9%.

Local Hangzhou enterprises are accelerating the implementation of the “overseas development” strategy. The competitive ability in outbound investment, contracting and labor cooperation has continuously improved in international cooperation. In 2008, a total of 48 outbound investment projects reached a total investment volume of USD 133 million, climbing 109.4% from the previous year. The amount included USD 93 million in non-trade investment, a rise of 138.5%. In that amount was Hangzhou’s total volume of outbound contracting and labor cooperation of USD 356 million for 2008.