Xi'an gains momentum in foreign investment for advanced manufacturing

This year, Xi'an, capital of Northwest China's Shaanxi province, has been focusing on expanding foreign investment inflows in advanced manufacturing and increasing the development of the city's economy.

In the first half of 2024, Xi'an utilized domestic investments of 78.47 billion yuan ($10.97 billion), achieving 62.6 percent of the annual target. Foreign investment reached $562 million, completing 56.4 percent of the annual target. The proportion of foreign investment in Xi'an's manufacturing sector increased by 46 percent compared to the same period in 2023.

By June 2024, Samsung China Semiconductor Co had invested a total of $29.3 billion in Xi'an. Samsung will continue to strengthen cooperation with Shaanxi and Xi'an to produce more high-end flash memory chips, aiming to establish Xi'an as a significant global semiconductor production base.

Xi'an hosted a seminar for semiconductor industry companies from South Korea in Xi'an Hi-Tech Industries Development Zone with hopes of attracting quality projects. Additionally, Xi'an conducted outbound investment promotional activities in Beijing, Shanghai, and Chengdu, as well as in countries like Kazakhstan.

In May, the Ministry of Industry and Information Technology announced Xi'an's selection as a pilot city for the technological transformation of the manufacturing industry, further solidifying Xi'an's status as a strong manufacturing hub.

Meanwhile, Xi'an has held investment and exchange meetings in the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to promote semiconductor and integrated circuit industry investment cooperation, facilitate project signings and drive the transformation of achievements.