The actual utilization of foreign investment in Ningbo, East China's Zhejiang province hit $3.08 billion from January to October.

The figure represented a year-on-year increase of 34 percent, 16.3 and 10.6 percentage points higher than the provincial average and the national average respectively over the 10-month period, the Ningbo Municipal Bureau of Commerce said.

During the period, 464 foreign-funded companies were set up in Ningbo, 79 more than last year, while their accumulated investment value amounted to $10.34 billion, an uptick of 14.3 percent year-on-year.

The city's contractual foreign investment totaled $7.01 billion, rising by 135.6 percent year-on-year.

The actual utilization of foreign direct investment in the Chinese mainland in the first 10 months of this year rose by 23.4 percent to $142 billion, the Ministry of Commerce said on Nov 15.