Shenyang increasingly attractive to investors as business environment improves

Direct investment into Shenyang has increased due to an improved business environment, officials and experts said.

The city signed 372 projects with each investment amount of 100 million yuan ($14.53 million) or above in the first six months of 2019, 72 more than the same period in 2018.

A total of 250 projects began in that period, 121 more than in 2018, while the total contractual investment amount increased by 63.9 percent to 295.6 billion yuan.

New investment mainly flowed into the city’s pillar and strategic emerging industries, such as the auto and auto parts industries, the digital and information industries, and the culture and tourism industries.

In recent years, the government of Shenyang has been making efforts to introduce investment from Fortune 500 companies, multinational companies, listed companies, and leading enterprises in industries by creating a better business environment and improving the quality and efficiency of administrative services.

The investment promotion policies took effect this year just as a number of companies opened operations and established projects in Shenyang. The aforementioned companies include Chinese real estate giant Evergrande Group, Chinese industrial giant Wanda Group, Chinese social media and gaming titan Tencent Holdings Ltd, and Japanese Toyota Tsusho Corporation.

On May 15, Wanda Group signed an agreement with the Shenyang government to pour in an additional 80 billion yuan in Shenyang in the upcoming years due to the city’s great economic prospects.

The investment will mainly go toward cultural tourism, education, healthcare, and modern services in the form of a mega cultural tourism project, an international school, an international hospital, and five Wanda Plazas, according to Wanda board chairman Wang Jianlin during a signing ceremony held in Shenyang on May 15.

Shenyang's business environment has also undergone profound changes, and now boasts improved services and efficiency, he added.

On June 12, Tencent Holdings Ltd announced it would cooperate with the government of Shenyang to establish smart service platforms for government affairs, urban treatment, healthcare, culture, and tourism. It will also establish the Tencent Yunqi Industrial Base in Shenyang, which will serve as a Tencent digital economy innovation application demonstration zone.

On June 15, Chinese real estate giant Evergrande Group signed agreements to scale up its investments in Shenyang, with plans to pour 120 billion yuan into new energy vehicles, cultural tourism, and healthcare.

Investors attributed their heavy investment in Shenyang to the city's good economic prospects and improved business environment.

“The economy of Shenyang has rebounded after hitting rock bottom and has shown a strong development trend,” said Wang Jianlin while speaking at a signing ceremony held in Shenyang on May 15.