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Foreign investors make a beeline to Hangzhou to reap benefits
By Sonia Jarrett |
June 17, 2009, Wednesday
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Print Edition
Print Edition
Hangzhou's prime business environment is a magnet for more and more smart foreign investment. Sonia Jarrett reports. So far this year, Hangzhou has attracted 109 projects with foreign investment from 66 Fortune 500 enterprises.
On February 12, the Hangzhou Municipal Government and the CPC Hangzhou Committee convened a meeting to discuss ways to attract investment. Party Secretary Wang Guoping delivered an important speech and Mayor Cai Qi wrote the government report. Representatives from the four divisions of municipal leadership attended.
The gathering commended the advanced work units' annual assessment of investment for 2008, their evaluation system for foreign trade and the large taxpayer-funded enterprises based in Hangzhou.
The meeting defined clear objectives, assigned tasks and introduced new measures and requirements for 2009. On March 12, the Ministry of Commerce published online the notification regarding further lifting of rules for the approval of foreign investment.
The new rules expand the approval authority of local foreign trade departments. They stipulate that the Hangzhou Municipal Foreign Trade and Economic Cooperation Bureau will enjoy the same approval authority as the Department of Foreign Trade and Economic Cooperation of Zhejiang Province.
In March, Zhejiang Mannings Commodities Co Ltd was established as a joint investment by Hong Kong Jardines Matheson Holdings and Hong Kong Milk Co Ltd. Zhejiang Mannings is the first investment in 2009 by a Fortune 500 foreign investment company.
Total investment is worth HK$50 million (US$6.5 million), with a registered capital of HK$25 million. The company will sell Mannings' label health and beauty products for the retail chain.
From March 22 to 29, Hangzhou held its Taiwan Business and Investment Week. It was the first time Hangzhou, in its own name, formally held a Taiwanese trade promotion. There were 26 trade promotions, including visits to and inspections of a large number of Taiwanese high-tech industries, chambers of commerce and business associations. Discussions with over 60 enterprises led to tentative agreements on 16 investment projects.
Attracting investment
On March 25, Hangzhou's development zones held a meeting about attracting foreign business and investment. Vice-Mayor Tong Guili delivered a speech on how to realize the potential of development zones. He also discussed special requirements and policies on how to excel this year in attracting business and investment.
On April 9, Hangzhou hosted an investment promotion conference in Shanghai about Hangzhou's land resources in Shanghai. The gathering was attended by 51 internationally known real estate companies in Shanghai and intermediary agencies.
At the meeting, Hangzhou's investment environment was addressed to foreign business people. They discussed the advantages of the city's real estate market, government policies and land resources. Participants also attended separate meetings about specific real estate opportunities.
From April 20 to 29, Hangzhou held the Hangzhou-EU Investment Week in Europe. Mayor Cai Qi led a delegation to Ireland. Three events were held in major cities in Germany, the UK and Ireland to promote Hangzhou's business environment. Around 300 EU guests attended and six trade forums were held.
More than 30 Hangzhou enterprises joined the mayor and took part in meetings with eight government and foreign trade departments of Germany, the UK and Ireland. Participants reached agreements with well-known business intermediaries and held discussions with more than 10 European companies.From May 12 to 23, Hangzhou held the Hangzhou-US Investment Week in the United States. Vice Mayor Tong Guili attended. Nearly 350 guests took part in four specialized meetings in Silicon Valley and San Francisco, Atlanta, Georgia and Washington, DC.
Hangzhou participants visited 10 US states, including city governments and economics offices. Participants also went to 13 major trade associations and 15 large corporations to promote ongoing discussions on projects in Hangzhou.
On May 26, the city held a systematic training course on attracting foreign investment. Participants discussed foreign exchange management, industrial and commercial registration, and contracts involving foreign investment. Around 250 participants from government offices attended.
From June 8 to 12, Hangzhou sent more than 180 people from districts, counties and development zones to the 11th Zhejiang Investment and Trade Fair.
During the fair, Hangzhou promoted more than 60 projects. Participants signed 19 agreements worth nearly US$1.3 billion, of which US$510 million was contracted foreign investment.
On February 12, the Hangzhou Municipal Government and the CPC Hangzhou Committee convened a meeting to discuss ways to attract investment. Party Secretary Wang Guoping delivered an important speech and Mayor Cai Qi wrote the government report. Representatives from the four divisions of municipal leadership attended.
The gathering commended the advanced work units' annual assessment of investment for 2008, their evaluation system for foreign trade and the large taxpayer-funded enterprises based in Hangzhou.
The meeting defined clear objectives, assigned tasks and introduced new measures and requirements for 2009. On March 12, the Ministry of Commerce published online the notification regarding further lifting of rules for the approval of foreign investment.
The new rules expand the approval authority of local foreign trade departments. They stipulate that the Hangzhou Municipal Foreign Trade and Economic Cooperation Bureau will enjoy the same approval authority as the Department of Foreign Trade and Economic Cooperation of Zhejiang Province.
In March, Zhejiang Mannings Commodities Co Ltd was established as a joint investment by Hong Kong Jardines Matheson Holdings and Hong Kong Milk Co Ltd. Zhejiang Mannings is the first investment in 2009 by a Fortune 500 foreign investment company.
Total investment is worth HK$50 million (US$6.5 million), with a registered capital of HK$25 million. The company will sell Mannings' label health and beauty products for the retail chain.
From March 22 to 29, Hangzhou held its Taiwan Business and Investment Week. It was the first time Hangzhou, in its own name, formally held a Taiwanese trade promotion. There were 26 trade promotions, including visits to and inspections of a large number of Taiwanese high-tech industries, chambers of commerce and business associations. Discussions with over 60 enterprises led to tentative agreements on 16 investment projects.
Attracting investment
On March 25, Hangzhou's development zones held a meeting about attracting foreign business and investment. Vice-Mayor Tong Guili delivered a speech on how to realize the potential of development zones. He also discussed special requirements and policies on how to excel this year in attracting business and investment.
On April 9, Hangzhou hosted an investment promotion conference in Shanghai about Hangzhou's land resources in Shanghai. The gathering was attended by 51 internationally known real estate companies in Shanghai and intermediary agencies.
At the meeting, Hangzhou's investment environment was addressed to foreign business people. They discussed the advantages of the city's real estate market, government policies and land resources. Participants also attended separate meetings about specific real estate opportunities.
From April 20 to 29, Hangzhou held the Hangzhou-EU Investment Week in Europe. Mayor Cai Qi led a delegation to Ireland. Three events were held in major cities in Germany, the UK and Ireland to promote Hangzhou's business environment. Around 300 EU guests attended and six trade forums were held.
More than 30 Hangzhou enterprises joined the mayor and took part in meetings with eight government and foreign trade departments of Germany, the UK and Ireland. Participants reached agreements with well-known business intermediaries and held discussions with more than 10 European companies.From May 12 to 23, Hangzhou held the Hangzhou-US Investment Week in the United States. Vice Mayor Tong Guili attended. Nearly 350 guests took part in four specialized meetings in Silicon Valley and San Francisco, Atlanta, Georgia and Washington, DC.
Hangzhou participants visited 10 US states, including city governments and economics offices. Participants also went to 13 major trade associations and 15 large corporations to promote ongoing discussions on projects in Hangzhou.
On May 26, the city held a systematic training course on attracting foreign investment. Participants discussed foreign exchange management, industrial and commercial registration, and contracts involving foreign investment. Around 250 participants from government offices attended.
From June 8 to 12, Hangzhou sent more than 180 people from districts, counties and development zones to the 11th Zhejiang Investment and Trade Fair.
During the fair, Hangzhou promoted more than 60 projects. Participants signed 19 agreements worth nearly US$1.3 billion, of which US$510 million was contracted foreign investment.
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