From January to June this year, the utilization of foreign capital in East China's Zhejiang province increased despite the COVID-19 pandemic, according to the province's commerce department.

In H1, there were 1,133 newly established foreign-invested enterprises in Zhejiang, with contractual foreign capital of $16.41 billion and actual utilized foreign capital of $7.05 billion, up 7.9 percent year-on-year and 11.9 percent higher than that of the whole country. The growth rate ranks first among major coastal provinces and municipalities in China.

Mergers and acquisitions (M&A) of foreign capital have become a feature in Zhejiang's investment invitation. In H1, 59 new foreign-funded M&A enterprises landed in Zhejiang, with contractual foreign investment of $1.08 billion, up 204.5 percent year-on-year.

Early this year, PepsiCo Inc acquired Hangzhou Haomusi Food Co Ltd, better known as Be & Cheery, one of the largest online snack companies in China, from Haoxiangni Health Food Co Ltd for $705 million.

What is also noteworthy is the continued improvement in the quality of foreign-funded projects in Zhejiang. In H1, six of the world's top 500 investment companies set up branches in Zhejiang, with total investment of $3.40 billion and contractual foreign investment of $1.47 billion.