Hangzhou's overseas investment saw robust growth in the first seven months of this year, totaling 5.83 billion yuan ($850 million), a year-on-year increase of 275.60 percent, according to the official data from the Hangzhou Municipal Commission of Commerce.

Overseas mergers and acquisitions have emerged as a major driving force for Hangzhou-based companies to conduct overseas investment.

The data reveals that in the year up to the end of the July, the eastern Chinese city approved 22 new overseas mergers and acquisitions projects with a total domestic investment of $4.71 billion, accounting for 82.27 percent of the total overseas investment value in the period.

Geely Automobile Holdings Ltd, the Chinese automotive manufacturing company based in Hangzhou, saw total revenue increasing by 43 percent year-on-year in the period to 53.7 billion yuan, which can be partly attributed to the advanced automobile manufacturing technologies gained since the company acquired the world famous Swedish carmaker Volvo from Ford in 2010.

Hangzhou-based companies bring in advanced technologies and production capacities through overseas investment, which in turn facilitate the economic development of Hangzhou, said a local official of Hangzhou Municipal Commission of Commerce.

Meanwhile, the high-tech industry is gradually becoming the focal point of overseas investment, especially in the areas of software development, medical equipment, chip technology and genetic testing.

Visitors inspect the Geely SX11 automobile at the Russia International Auto Show (MIAS) in Moscow, Russia, on Aug 29. [Photo/VCG]