Chengdu attracts 22 foreign-invested projects
April 16, 2019 Category China News Round-up, Weekly
A total of 22 foreign-invested projects worth USD3.39 billion were signed during the “Chengdu can do” foreign investment signing event held in the capital city of Sichuan province. Nine of the projects are for high-end manufacturing, including sectors such as electronic information, aerospace, automobile and equipment manufacturing, which totaled USD1.77 billion, and 13 are modern service projects that are related to finance, logistics, culture and creativity, and senior care services, totaling about USD1.62 billion. The investors include France’s AREP, Happyeasygo Group from Singapore, and Baxter International from the United States. Luo Qiang, the city’s Mayor, said Chengdu has always been the powerhouse of China’s opening-up in the past four decades, and will continue to welcome foreign investments with an ever improving business environment as China enters a new era of reform and opening-up.
Mayor Luo added: “We will do everything possible to create a law-based, internationalized business environment with quality services that facilitate and support the development of foreign investment projects.” He emphasized that the city plays an important role in China’s national agenda such as the Belt and Road Initiative (BRI), the Yangtze River economic zone development, and the West China development strategy. “Chengdu is now at the frontier of China’s further opening-up, which shores up the city’s fast growth in regional competence and influence,” he said.
Currently, the city has 8,155 foreign-invested enterprises. Last year, the city’s actual use of foreign capital reached USD12.28 billion, increasing 22.3% from 2017, and foreign direct investment (FDI) was USD2.69 billion, an annual increase of 44.1%, said Luo. Tena Koutou Katoa, Consul General of New Zealand in Chengdu, said New Zealand had established its consulate in the city in November 2014 as it recognized the growing importance of Chengdu as a driver of growth and prosperity in Southwest China. He said that Chengdu’s emphasis on optimizing its international business environment and making it easier for foreign companies to do business has been welcomed by New Zealand.
Zhao Lei, General Manager of IB China, the newly-established wholly foreign-owned subsidiary of IB in China, one of the largest education groups in Germany, said the company was grateful for the convenient business registration process and the preferential policies for setting up offices, the China Daily reports.
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