Investment increases as authorities take targeted promotional measures

In the face of the unfavorable international economic situation resulting from the novel coronavirus pandemic, Zhangzhou has seen a steady inflow of investment this year. Officials are crediting the flow of investment to targeted measures taken by the local government.

"Zhangzhou sees foreign companies, the nation's large State-owned enterprises and domestic private businesses as the three major sources of investment," said Wu Lingzhen, head of the city's bureau of commerce.

According to Wu, during the first 10 months of this year, local businesses in Zhangzhou signed agreements with foreign investors on 53 projects, amassing a total pledged investment of 23.5 billion yuan ($3.6 billion). Their paid-in investment amounted to $3.51 billion, which represented an increase of 12.5 percent from the same period last year.

The city secured investment on 24 projects from large domestic SOEs during the same period, with a total investment of 76.82 billion yuan. It is also negotiating with SOEs on another 97 projects, with estimated investments reaching 251.08 billion yuan.

Authorities of counties and cities in Zhangzhou have put investment promotion high on their agendas.

From January to October, heads of counties and cities led local business delegations to attend 79 investment events. During the events, large multinational companies including Taiwan-based electronics producers Chimei and Shenzhen-based Huaxin Smartek agreed to invest in Zhangzhou.

At the China International Fair for Investment and Trade held in Xiamen, Fujian province in September, Zhangzhou secured foreign investment on 46 projects totaling $1.96 billion.

The COVID-19 pandemic prompted the city's authorities to focus on online investment negotiations and agreements.

The city's advantageous industries with local characteristics have formed extended value chains, attracting many businesses to invest in the upstream and downstream of the chains, according to Wu.

For instance, companies in Gulei Petrochemical Industrial Park, Najing Mintai Precise Machinery Park and Zhangzhou Taiwanese Investment Zone have signed letters of intent with investors on 74 upstream and downstream projects. Paid-in investment to the three zones had reached 2.73 billion yuan through the end of October.

The city encourages investments in emerging industries such as modern agriculture, culture, tourism, sports and exhibitions.

During the Zhangzhou Modern Agriculture Development Expo held in July, the city secured 30 investment projects in modern agriculture, with combined investment approximating 6 billion yuan.

At the Zhangzhou Culture, Tourism, Sports, Exhibitions and Nighttime Economy Conference also held in July, the city signed 45 projects in related sectors, with investment totaling 28.59 billion yuan.