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Global firms find win-win situation
By Pan Zheng |
September 10, 2010, Friday
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WHEN Coca-Cola set up Hangzhou Zhongcui Food Co Ltd in 1987, it was the first time one of the world's top 500 companies had invested in Hangzhou.
In the 1990s, most foreign-invested enterprises were joint ventures with Japanese and South Korean companies. But now European companies boast the majority of solely-invested projects in the city.
By the end of July, there were 122 projects set up by the world's top 500 firms, most of them are in the modern manufacturing industry.
As the political, economic and cultural center of Zhejiang Province, Hangzhou's special advantages attract many foreign enterprises to settle in the city. Its excellent location means it is close to the main cities of the Yangtze River Delta such as Shanghai and Suzhou in Jiangsu Province. The delta's 200 million people have above average purchasing power in the country.
With the advanced market and a sophisticated logistics network, many of these global companies have set up regional headquarters and research and development centers in Hangzhou. Bosch has set up its global outsourcing center in Hangzhou; EMS established its China Business Operation Center at Xiaoshan International Airport; Panasonic and Toshiba have global manufacturing centers here while Nokia and Samsung have built R&D centers in the city.
All of these projects have improved the city.
These firms have also improved the city's industry structure. These multinational firms have invested in various fields such as chemicals, medicine, electronic information, household appliances, textiles, food and commerce.
In recent years, modern services have become a new highlight for investors. Big companies in the financial and retail sectors such as Citibank, HSBC, Wal-Mart and Auchan have already set up outlets in Hangzhou, leading the city into a new "post-industrialization period."
Hangzhou offers a good investment environment to global companies.
Last year, these global 500 companies had combined sales of over 44 billion yuan (US$6.47 billion) with a profit of 2.82 billion yuan and tax of 2.12 billion yuan in Hangzhou. More than half now have plans for further investment in the city.
In the 1990s, most foreign-invested enterprises were joint ventures with Japanese and South Korean companies. But now European companies boast the majority of solely-invested projects in the city.
By the end of July, there were 122 projects set up by the world's top 500 firms, most of them are in the modern manufacturing industry.
As the political, economic and cultural center of Zhejiang Province, Hangzhou's special advantages attract many foreign enterprises to settle in the city. Its excellent location means it is close to the main cities of the Yangtze River Delta such as Shanghai and Suzhou in Jiangsu Province. The delta's 200 million people have above average purchasing power in the country.
With the advanced market and a sophisticated logistics network, many of these global companies have set up regional headquarters and research and development centers in Hangzhou. Bosch has set up its global outsourcing center in Hangzhou; EMS established its China Business Operation Center at Xiaoshan International Airport; Panasonic and Toshiba have global manufacturing centers here while Nokia and Samsung have built R&D centers in the city.
All of these projects have improved the city.
These firms have also improved the city's industry structure. These multinational firms have invested in various fields such as chemicals, medicine, electronic information, household appliances, textiles, food and commerce.
In recent years, modern services have become a new highlight for investors. Big companies in the financial and retail sectors such as Citibank, HSBC, Wal-Mart and Auchan have already set up outlets in Hangzhou, leading the city into a new "post-industrialization period."
Hangzhou offers a good investment environment to global companies.
Last year, these global 500 companies had combined sales of over 44 billion yuan (US$6.47 billion) with a profit of 2.82 billion yuan and tax of 2.12 billion yuan in Hangzhou. More than half now have plans for further investment in the city.
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