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Casting a wide net in Europe and US
By Pan Zheng |
June 17, 2009, Wednesday
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FOREIGN investment is flourishing in Hangzhou, and the prime business environment is attracting more and more overseas investment.
The city has also launched an aggressive campaign to promote Hangzhou investment in Europe, the United States and throughout China, including Shanghai and Taiwan.
By the end of last year, there were 9,482 foreign-invested enterprises in Hangzhou, with a total investment of US$61.8 billion.
The contracted foreign investment amounted to US$35 billion, of which US$17 billion was in place. In addition, 65 Fortune 500 enterprises invested in 107 projects as of 2008.
In 2008, Hangzhou authorized 483 foreign-invested enterprises with a contracted capital of US$6.2 billion, up 11.6 percent over the same period of 2007. Of that amount, US$3.3 billion was in place, up 18.2 percent.
Last year, Hangzhou also authorized 12 projects of Fortune 500 companies.
Features of 2008 foreign investment include:
1. Fast rate of increase
The rate is higher than the average of Zhejiang Province. Hangzhou's investments represent one-third of the total for the province.
2. Clear benefits from major projects
Hangzhou authorized 282 projects with investment of over US$10 million. The total amount reached US$8.1 billion and the contracted capital amounted to US$5.8 billion, respectively representing 94.2 percent and 92.8 percent of the total investment.
3. More projects for Fortune 500
Hangzhou authorized 12 projects of Fortune 500 companies, including first-time investments for TESCO, Goldman Sachs, Morgan Stanley, Cisco, Manpower, Aisin Seiki and Inbev.
4. Rapid development of advanced manufacture and modern service industries
The contracted capital of Hangzhou's manufacturing industry amounted to US$2.9 billion, up 60 percent year on year. Of that, US$1.3 billion was in place, up 29.8 percent year on year.
Foreign capital has increased rapidly in modern service industries, such as information transmission, computer service, software, scientific research and polytechnical service.
The city has also launched an aggressive campaign to promote Hangzhou investment in Europe, the United States and throughout China, including Shanghai and Taiwan.
By the end of last year, there were 9,482 foreign-invested enterprises in Hangzhou, with a total investment of US$61.8 billion.
The contracted foreign investment amounted to US$35 billion, of which US$17 billion was in place. In addition, 65 Fortune 500 enterprises invested in 107 projects as of 2008.
In 2008, Hangzhou authorized 483 foreign-invested enterprises with a contracted capital of US$6.2 billion, up 11.6 percent over the same period of 2007. Of that amount, US$3.3 billion was in place, up 18.2 percent.
Last year, Hangzhou also authorized 12 projects of Fortune 500 companies.
Features of 2008 foreign investment include:
1. Fast rate of increase
The rate is higher than the average of Zhejiang Province. Hangzhou's investments represent one-third of the total for the province.
2. Clear benefits from major projects
Hangzhou authorized 282 projects with investment of over US$10 million. The total amount reached US$8.1 billion and the contracted capital amounted to US$5.8 billion, respectively representing 94.2 percent and 92.8 percent of the total investment.
3. More projects for Fortune 500
Hangzhou authorized 12 projects of Fortune 500 companies, including first-time investments for TESCO, Goldman Sachs, Morgan Stanley, Cisco, Manpower, Aisin Seiki and Inbev.
4. Rapid development of advanced manufacture and modern service industries
The contracted capital of Hangzhou's manufacturing industry amounted to US$2.9 billion, up 60 percent year on year. Of that, US$1.3 billion was in place, up 29.8 percent year on year.
Foreign capital has increased rapidly in modern service industries, such as information transmission, computer service, software, scientific research and polytechnical service.
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