Wuxi steps up efforts to develop open economy

Wuxi in East China's Jiangsu province has been making efforts to develop an open economy in recent years.

With a strong industrial foundation, competitive market entities, and a favorable business environment, Wuxi still experienced robust growth in its open economy in the first six months of this year despite several waves of COVID-19 in the city.

In the first half of this year, the city's foreign trade saw a record high, reaching 353.14 billion yuan ($52.17 billion), its actual utilization of foreign capital is expected to reach $2.15 billion, up 42.5 percent year-on-year, and direct overseas investment in the city amounted to $770 million, ranking first in the province.

Investment promotion is the top priority in an open economy. In April, Jabil Green Point Precision Electronics (Wuxi) Co Ltd invested 10 billion yuan to build a manufacturing base in the Wuxi National Hi-tech District. In May, SK Hynix announced an additional investment of $2 billion in Wuxi.

Wuxi enterprises also made solid progress in overseas investment. In June, Wuxi-based VTORK Technology Co Ltd, a supplier of valve automation products, invested $1 million to improve its warehouses in the United States after it set up a trade platform in the country last year.

"Overseas warehouses not only help us shorten delivery cycles, but also help us explore the special demands of local customers," noted Chen Lan, financial manager of VTORK Technology.

Chen also said that in addition to offering storage services, overseas warehouses can be used to display products and provide after-sales services.