Guangxi has launched a series of preferential policies to attract foreign investment, said Yang Chunting, director of the Investment Promotion Agency of Guangxi Zhuang Autonomous Region, on Feb 1.

Major projects with an annual actual utilization of foreign capital of more than $15 million, and which are encouraged industries and newly introduced to Guangxi, will get a subsidy of up to 100 million yuan ($15.48 million).

New foreign-invested companies with more than 5 million yuan in place within six months can get a one-time subsidy of 500,000 yuan each.

A one-time subsidy of 1 percent of the actual capital in place is available for major foreign-invested projects, high-tech companies and headquarters companies. The subsidy for each project is up to 30 million yuan.

At present, Guangxi has released subsidies totaling more than 17.3 million yuan for 28 foreign-invested companies. 

Guangxi's actual utilization of foreign capital in 2020 reached $1.32 billion, a year-on-year increase of 18.7 percent.

Yang noted that Guangxi will set up a service center in the China (Guangxi) Pilot Free Trade Zone in 2021 to further boost foreign trade.