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Global giants head for Hangzhou
By Pan Zheng |
October 16, 2010, Saturday
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SINCE 1987, when investment by Coca-Cola in the Hangzhou Zhongcui Food Corporation made it the first business in the area to get backing from a Global 500 company, Hangzhou has made great progress in attracting foreign investment.
By the end of July, Global 500 companies had already established 122 projects in Hangzhou. And according to the local government, from this January to August, there have been 331 new foreign-invested enterprises established in Hangzhou, and the contracted capital has reached US$4.314 billion (28.7 billion yuan), with an increase of 42.93 percent over the same period as last year.
Foreign investment
Many major foreign companies are keen to develop ties with local businesses in Zhejiang Province because they believe once they have achieved some cooperation, they have gained access to the market in China. As a result, there has been a great importance this year to attract foreign capital with local enterprises.
For example, at the end of May, Enerl Inc of the United States signed an agreement with the Hangzhou Wanxiang Group to cooperate in the production of car battery systems. The first-phase investment reached more than US$300 million. It's expected that by the end of 2011, the new car battery plant will have a production capacity of 40,000 sets.
Enerl Inc has the most advanced technologies in car batteries in the world, while Wanxiang Electronic Automobile is the leading domestic electronic automobile producer. Since 1999, it has become one of the biggest part suppliers of electronic cars in the country, and it's also the biggest part supplier for electronic autos at the Expo. The cooperation with Enerl Inc will consolidate its domestic leading position. The US media also thinks that this contract will also create a lot of job opportunities for Enerl Inc.
In recent years, the Hangzhou government has been concentrating on the development of local private enterprises. A series of policies and plans have been carried out to promote their development. With great support from the government, Hangzhou private enterprises have already become the main force of local economic development. In the Top 100 list of Zhejiang's private enterprises, 37 of them were Hangzhou enterprises.
Now many famous Global 500 companies such as UTC, Mitsubishi, Kawasaki, GE and Alstom have got their own investments in Hangzhou, and Eli Lily and Company, Novartis and Sanofi-Aventis are involved in this year's plan.
Better environment
Since foreign capital has a great influence on the local economy, the Hangzhou government has attached a great importance on attracting such investment. At the beginning of 2010, the Hangzhou government held a grand conference on attracting investments, and the Hangzhou Party Secretary Huang Kunming gave a speech outlining the plan for 2010. In May, Huang held another meeting to review the first-half year's progress. Hangzhou Vice Mayor Tong Guili also held a lot of forums and conferences aimed to attract investments but to also make sure existing projects work well.
Since the beginning of this year, the Hangzhou Foreign Trade and Economic Cooperation Bureau has issued a series of measures and policies to establish a better environment for foreign investments. Under its efforts, projects have been well coordinated, investment attraction has been more active, and the entire environment has been more positive. Hangzhou has established a good reputation of public service for foreign capital.
Elsewhere, promoting the development of local private enterprises has also been an important task in the current economic situation. Since local private companies have become more important in attracting foreign capital, Hangzhou has been making efforts to help private enterprises establish connection and cooperation with famous international companies, and the transformation and upgrade of private enterprises has also been supported by the government.
That's why Hangzhou still managed to achieve a great increase in attracting foreign investment despite the global financial crisis.
By the end of July, Global 500 companies had already established 122 projects in Hangzhou. And according to the local government, from this January to August, there have been 331 new foreign-invested enterprises established in Hangzhou, and the contracted capital has reached US$4.314 billion (28.7 billion yuan), with an increase of 42.93 percent over the same period as last year.
Foreign investment
Many major foreign companies are keen to develop ties with local businesses in Zhejiang Province because they believe once they have achieved some cooperation, they have gained access to the market in China. As a result, there has been a great importance this year to attract foreign capital with local enterprises.
For example, at the end of May, Enerl Inc of the United States signed an agreement with the Hangzhou Wanxiang Group to cooperate in the production of car battery systems. The first-phase investment reached more than US$300 million. It's expected that by the end of 2011, the new car battery plant will have a production capacity of 40,000 sets.
Enerl Inc has the most advanced technologies in car batteries in the world, while Wanxiang Electronic Automobile is the leading domestic electronic automobile producer. Since 1999, it has become one of the biggest part suppliers of electronic cars in the country, and it's also the biggest part supplier for electronic autos at the Expo. The cooperation with Enerl Inc will consolidate its domestic leading position. The US media also thinks that this contract will also create a lot of job opportunities for Enerl Inc.
In recent years, the Hangzhou government has been concentrating on the development of local private enterprises. A series of policies and plans have been carried out to promote their development. With great support from the government, Hangzhou private enterprises have already become the main force of local economic development. In the Top 100 list of Zhejiang's private enterprises, 37 of them were Hangzhou enterprises.
Now many famous Global 500 companies such as UTC, Mitsubishi, Kawasaki, GE and Alstom have got their own investments in Hangzhou, and Eli Lily and Company, Novartis and Sanofi-Aventis are involved in this year's plan.
Better environment
Since foreign capital has a great influence on the local economy, the Hangzhou government has attached a great importance on attracting such investment. At the beginning of 2010, the Hangzhou government held a grand conference on attracting investments, and the Hangzhou Party Secretary Huang Kunming gave a speech outlining the plan for 2010. In May, Huang held another meeting to review the first-half year's progress. Hangzhou Vice Mayor Tong Guili also held a lot of forums and conferences aimed to attract investments but to also make sure existing projects work well.
Since the beginning of this year, the Hangzhou Foreign Trade and Economic Cooperation Bureau has issued a series of measures and policies to establish a better environment for foreign investments. Under its efforts, projects have been well coordinated, investment attraction has been more active, and the entire environment has been more positive. Hangzhou has established a good reputation of public service for foreign capital.
Elsewhere, promoting the development of local private enterprises has also been an important task in the current economic situation. Since local private companies have become more important in attracting foreign capital, Hangzhou has been making efforts to help private enterprises establish connection and cooperation with famous international companies, and the transformation and upgrade of private enterprises has also been supported by the government.
That's why Hangzhou still managed to achieve a great increase in attracting foreign investment despite the global financial crisis.
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