Country for PR: China
Contributor: Xinhua News Agency
Tuesday, September 19 2017 - 12:28
AsiaNet
Xiangyang -- a Central Chinese City Full of Investment Opportunities
XIANGYANG, China, Sept. 19, 2017 /Xinhua-AsiaNet/--

As new energy auto companies throng to the central Chinese city of Xiangyang, 
China's city of new energy vehicles is taking shape. As heavy haul railways and 
high-speed trains connect Xiangyang with more destinations across China, it is 
emerging as an important traffic hub in the region. Official statistics show 
that a total of 786 projects were included in the city's key project management 
list over the past five years, with completed investment accumulating to nearly 
400 billion yuan.

With robust investment promotion and major infrastructure and industrial 
projects, Xiangyang in Hubei Province is attracting attention of the outside 
world.

Faced with a sluggish economy and dim growth indicators, the local government 
paid special attention to investment promotion over the past five years, as it 
deemed the inflow of capital was still the most direct and effective way to 
improve people's lives.

However, the traditional way of attracting investment through favorable 
policies was not going to work in the current circumstances. "When all the 
policies fail to work, it is the best opportunity for us to work out something 
different," said Qin Jun, the city mayor.

Innovation has since become the key to gain advantages. The city government 
sent almost all of its officials to seek investment across China. Immediately 
after the Spring Festival holiday of 2016, Qin himself visited Henan and 
Shandong provinces in central and east China to promote key projects 
surrounding the new energy auto industry.

From east to west, north to south, government officials from Xiangyang held 
numerous investment fairs to promote their city.

During one such fair in Shanghai, 30 projects were signed on site with a total 
investment of 21.4 billion yuan. At another economic and trade cooperation 
forum in Shenzhen, 20 projects with 6 billion yuan of investment were secured.

The government also set August as the city's investment promotion month. Last 
August, the Xiangyang investment promotion team visited more than 300 
companies, inked 165 agreements with the amount of contractual investment 
exceeding 40 billion yuan, 70 percent of which were industrial ones.

Over the past five years, large enterprises such as Infiniti, Bridgestone, 
Siemens and Oracles have landed in Xiangyang, providing strong momentum for the 
city's growth.

In November, Guangdong-based Dynavolt Renewable Energy Technology Co., a 
renowned Chinese battery company, decided to invest 8.8 billion yuan in a new 
energy base in Xiangyang.

As one of China's first batch of new energy auto promotion and application 
cities, Xiangyang has over 30 enterprises and research and development 
institutions that specialize in the field, which own more than 200 patents and 
practical technologies. With a series of supporting policies from the central 
government being realized, the city's new energy auto industry is entering into 
a prime time.

The Xiangyang government has vowed to boost the production value of its new 
energy auto industry to 100 billion yuan by the end of 2020. In order to 
achieve the ambitious goal, a group of core companies, upstream and downstream 
firms, and matching companies have since been introduced to the city thanks to 
the great efforts of the local government.

State-owned enterprises (SOEs) have also become a work focus for the local 
government. During a two-day partnering conference in last May, 16 projects 
with more than 60 billion yuan of contractual value were signed between the 
city and SOEs.

In November, a grand ceremony was held in the city's high-tech zone to 
celebrate the signing, commencement and opening of 36 major projects, 
construction and factories. The total investment value exceeded 13.7 billion 
yuan.

When all the projects are put into operation, the annual output value could 
reach 25.4 billion yuan. The involved fields include automobile, strategic 
emerging industries, high-end manufacturing, modern service industry and cloud 
computing.

In the meantime, government officials have been ordered to follow closely the 
projects of their responsibilities, making sure both the investment and 
factories would land in the city according to contracts.

A complete industry chain involving automobile and auto parts manufacturing, 
advanced materials, energy conservation and environment protection, and 
equipment manufacturing has been strengthened in Xiangyang, which in turn draws 
more companies to invest and flourish in the city.

Source: Xiangyang Municipal Government

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