The actual amount of utilized foreign capital in Zhoushan, East China's Zhejiang province, reached $501 million in 2019, a year-on-year increase of 20 percent.

This is the first time that annual utilized foreign capital has surpassed $500 million in the city, according to official data recently released by the city's bureau of commerce.

Last year, 78 foreign-invested enterprises were established in the city, 65 of which are based in China (Zhejiang) Pilot Free Trade Zone.

Yu Dongming, director of the investment promotion office at the city's bureau of commerce, said that he and his colleagues were striving to negotiate with potential and existing investors to promote foreign investment projects and facilitate the utilization of foreign capital.

According to Yu, the Zhoushan municipal government has implemented several incentive policies to improve governmental services provided to investors.

"Moving forward, the city will work on 30 key foreign investment projects covering advanced information materials, maritime services, liquefied natural gas and marine industries, among other areas, 10 of which are expected to bring in $20 million in capital," said Yu Dongming.