Hefei expanding as business hub
March 28, 2013 Category Economic hubs, Logistics
Hefei is 500 kilometers inland from Shanghai, but the provincial capital of Anhui province has ambitions to become a player in the business world. Over the past year, it has defied the national decline in foreign direct investment (FDI), and already attracted multinationals such as Unilever, Coca-Cola and Hitachi Construction Machinery to set up shop, thanks to lower wage and land costs, according to city Mayor Zhang Qingjun. Now it plans to build on those gains by rolling out an infrastructure program of road, water, power and rail networks to lure more business from the coast. “The trend of businesses moving inland from coastal regions is becoming very clear,” the Mayor said. “Our priority is to establish high-end manufacturing as well as research and development facilities.” The migration of funds to Hefei is reflected in the CNY43.9 billion in direct investment in the city in the first two months of the year. That amounted to a 20% year-on-year increase, with 94% of the total coming from other provinces, he said. Over the same period, Hefei’s exports more than tripled year-on-year while China’s exports rose by less than a quarter.
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