China

Highlight the target and come up with real strategies, attract foreign investment in local areas and lay out early

2024-01-10   

The reporter noticed that in recent years, local governments have introduced "high gold content" policies to stabilize foreign investment, started early layout, and worked hard to ensure "stable opening", laying the foundation for "annual prosperity". Among them, many places have clearly defined the direction and quantitative goals of attraction, with key areas such as headquarters projects and research and development centers that not only meet the needs of economic development but also meet the needs of foreign investment transformation and upgrading. According to industry experts interviewed, in the face of some external unfavorable factors and challenges such as foreign investment entering and exiting, local governments should set direction, policies, and invitations early, and introduce targeted policies to stabilize foreign investment. This not only demonstrates the importance of foreign investment, but also leaves enough time for the follow-up of supporting systems, which will have a better effect on stabilizing foreign investment. Recently, significant foreign investment projects in Shanghai have made continuous progress. At the end of 2023, Tesla completed a land acquisition contract in Shanghai and announced the official launch of the Tesla Energy Storage Super Factory project. As Tesla's first energy storage super factory outside the United States, the initial plan is to produce 10000 commercial energy storage batteries annually, with a storage capacity of nearly 40GWh, to supply the global market. Previously, the first pharmaceutical plant of global pharmaceutical giant American company Modena in China, the R&D and production headquarters project of Medena China, began construction in Shanghai. The total investment of the project is about 3.6 billion yuan, making it the largest benchmark foreign investment project in China's biopharmaceutical field so far. Behind the successive landing of major projects, a favorable foreign investment environment is indispensable. Shanghai, as the location of China's first pilot free trade zone, has always been a pioneer in the open system. Not long ago, the State Council issued a document proposing 80 measures to support the Shanghai Pilot Free Trade Zone in aligning with international high standard economic and trade rules, and promoting high-level institutional opening up. Shanghai is also accelerating its actions. Among them, in further optimizing the level of cross-border investment and financing services for the Shanghai headquarters economy, it is proposed to optimize the policy of centralized operation and management of cross-border funds for multinational corporations, and enhance the functionality of the free trade account system. The executive meeting of the municipal government held in Shanghai on January 8th further pointed out the need to continuously improve the development level of foreign-funded research and development centers, and strongly support the recruitment and retention of talents by foreign-funded research and development centers. These have become bonus projects for Shanghai to attract high-quality foreign investment to settle and develop. Not only in Shanghai, reporters have noticed that in the face of the overall shrinkage of global cross-border investment scale and intensified international investment competition, many regions are increasing the attractiveness of foreign investment and optimizing the methods of attraction. For example, the Guangdong Provincial Investment Promotion Bureau has proposed that in the new year, it will continue to hold the 2024 Guangdong Hong Kong Macao Greater Bay Area Global Investment Promotion Conference and promote the normalization of Guangdong Hong Kong Macao overseas joint investment promotion, with a focus on industrial chain investment promotion in Europe, America, Japan, South Korea, the Middle East, Singapore and other places. The Department of Commerce and the Department of Finance of Fujian Province jointly released the "Several Measures to Expand Consumption, Stabilize Foreign Trade, and Stabilize Foreign Investment in the First Quarter of 2024", proposing to strive for a growth of over 3% in the actual use of foreign investment in the province in the first quarter of 2024, support various forms of investment promotion, leverage the Spring Festival return of Fujian merchants from home and abroad to carry out Spring Festival investment promotion, and support joint investment promotion by provinces, cities, and counties overseas. It is worth noting that in response to the trend of industrial upgrading and investment layout adjustment of foreign-funded enterprises, local governments have increased their support for upgrading projects. For example, Zhejiang proposed to further optimize in 2024

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Economic Information Daily

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