Fiscal boost for Fengxian’s ambitions
Print Edition
FENGXIAN District government yesterday received about 1.5 billion yuan (US$220 million) in investment from companies in neighboring Zhejiang Province as a result of its “Oriental Beauty Valley” development blueprint focusing on the cosmetics and health industries.
The district government yesterday signed an agreement with Zhejiang Chamber of Commerce to attract more Zhejiang companies to invest in Fengxian district.
The southern district aims to establish an industry chain covering design, testing, raw materials sourcing, manufacturing and market promotion for cosmetics as well as for health products.
The district will also focus on environmental protection and high-tech industries.
A cluster of Zhejiang companies were based in Fengxian to make the district a major gathering place for entrepreneurs from the province, said the district director Hua Yuan.
The private companies from Zhejiang had become the main contributors to the district’s economic development in recent years, he added.
The new investment from the Zhejiang companies would be spent on five projects covering cosmetics, biotechnology and automatic machinery, said Yao Weihua, deputy director of Fengxian.
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