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Chinese Coastal Areas Nurture More Production Bases
The fast-growing areas on China's east coast are developing more manufacturing bases as overseas investors seek to have their products made in China.
The US-based IMI Corporation and the Shenglong Group, based in Ningbo, east China's Zhejiang Province, have recently agreed on the joint production of engines and spare parts in Yin County, an important manufacturing center on the southern wing of the Yangtze Delta.
Engines and spare parts will have a great potential on the Chinese market as more Chinese families purchase cars in the future, said an official in charge of foreign trade and investment.
According to the official, IMI has chosen Yin County as its partner for the 25-million-U.S.-dollar joint production project because "after nearly two decades of development most enterprises here are able to produce high quality electric and mechanical products ".
"Abundant manpower and highly skilled workers will draw more overseas investors," he added.
Certainly, an increasing number of foreign enterprises are eyeing this small but promising county, which is close to China's second largest port, Ningbo, and has easy access to expressway and railroads.
Over the past two decades Yin County has developed a number of leading manufacturing enterprises in textiles, clothing, machinery, electronics and auto spare sector.
The county has built a standard golf course in the newly inaugurated industrial park, in an effort to cater to the needs of foreigners.
Last year, Yin County reported a gross domestic product of 15.4 billion yuan (1.86 billion U.S. dollars), financial revenue of 1. 4 billion yuan (169 million U.S. dollars) and exports of 640 million U.S. dollars
Economists here have compared Yin County to the city of Kunshan, another overseas investment center on the Yangtze River Delta, which reports the same GDP per capita as its wealthy neighbor Shanghai.
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