In 2023, faced with the severe challenges posed by a slow global economic recovery and lackluster cross-border investment worldwide, North China's Inner Mongolia autonomous region consistently optimized its investment environment and stepped up efforts to attract foreign investment, resulting in the rapid recovery of foreign business-related work.

In 2023, the region's actual utilization of foreign capital reached 5.58 billion yuan ($754.38 million), marking a remarkable 61.5-percent year-on-year increase and surpassing the national average by 69.5 percentage points.

Additionally, Inner Mongolia saw 167 newly-established foreign-invested enterprises, representing a threefold increase compared to the previous year.

Furthermore, the actual utilization of foreign capital increased for the seventh consecutive year, maintaining a growth rate of over 50 percent for two consecutive years.

According to Du Weiwei, Director of the Foreign Investment Division of the Inner Mongolia Autonomous Regional Department of Commerce, Inner Mongolia will continue to strengthen the service guarantee for key foreign-invested enterprises and projects in 2024.

The measures will include intensifying tracking services for major foreign-invested projects and key foreign-invested enterprises each with an investment of over 100 million yuan.

Furthermore, they will enhance targeted attraction efforts, focusing on the region's eight major industrial clusters and 16 key industrial chains.

Additionally, Inner Mongolia will promote the construction of institutional open platforms, establish the China (Inner Mongolia) Pilot Free Trade Zone, and take the lead in coordinating the replication and promotion of institutional innovation achievements in the pilot free trade zone.