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Investors Favor Dynamic District
Wuxi New District's decision to take huge amounts of investment from multinational companies around the world is enabling the district to flourish, district publicity office said.
The district, created in 1992, has evolved into a favorite place for overseas investment because of its location in the affluent Yangtze River Delta and its investment environment.
Over the last nine years, 440 joint ventures and solely overseas-funded enterprises have invested more than US$4.4 billion.
Japanese companies invested in 58 projects with an investment of US$1 billion.
The first half of this year alone witnessed a capital flow of US$270 million by 13 new Japanese companies - a rare feat in any development zone in China.
The magnitude of Japanese companies in the district is also enhanced by its international fame. Eight leading Japanese companies in the world, including Sony and Matsushita, have opened offices and factories in the district.
The Japanese companies have brought to the district not only capital, which has helped strengthen its overall economic power, but also new concepts in business management and standard international practices, sources said.
Gong Peixing, vice-mayor of Wuxi and director of the district, said that the district's administrative committee carefully studied the international capital market and saw that the market would be conducive to attracting Japanese investment.
He said that while many American and European companies put their capital into big cities like Beijing and Shanghai, Japanese companies were trying to find business partners in Wuxi and other medium-sized cities that have a sound industrial foundation and are in the process of rapid development.
"A good investment environment, including facilities and services, is another factor contributing to the attraction of Japanese investment," Gong said. "We see quality service, which is most valued and needed by investors, as our foremost task and spare no efforts to satisfy their needs."
Co-operation with Japanese financial institutions also has added to the district's steady growth.
Klyoshige Akamatu from Mizuho Financial Group said that his bank has developed a good relationship with the district and has provided capital for many Japanese companies to invest in the district.
Source: China Daily
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