Guided by the Three Highlands and Four New Missions Strategy, the effect of Changsha government taking a leading role is prominent. The city led the province in attracting foreign investment in the first two months of this year, achieving a good start. According to the Ministry of Commerce, Changsha’s actually utilized foreign capital, or foreign direct investment (FDI), amounted to 287 million dollars in the January-February period, up 45.3% year on year, accounting for more than 80% of the province's total.

The person in charge of the Changsha Municipal Bureau of Commerce said that, the Changsha government has launched a series of favorable policies to stabilize foreign investment. For example, it issued the 16 Articles on Foreign Investment in 2019, setting clear criteria for supporting foreign-invested projects. In 2020, it cashed in nearly 16 million yuan of funds supporting foreign investment. This year, it will revise and improve the policy to further expand foreign investment utilization.

The business environment in Changsha continued to improve. Last year, the Changsha government's experience in “promoting the development of an open economy and actively building a new pattern of all-round opening up” was introduced in the 2020 China’s Business Environment Report, and shared to the whole country. This year, the application conditions for foreign investors to set up investment companies will be relaxed in the Hunan Free Trade Pilot Zone Changsha Area. A one-stop service center for foreign investors will be established there. These practices will be promoted in the whole city. Efforts will be continued to optimize the foreign investment information reporting system, and improve the complaint mechanism for foreign investors, so as to facilitate foreign investment.

Foreign investors’ confidence in Changsha has been enhanced as a series of policies and measures are implemented in the city to stabilize foreign investment. Japan’s Mitsui & Co., Aeon and other Fortune 500 companies are expected to settle in Changsha. Xingsheng Youxuan, a nationally renowned community group-buying startup, and its affiliates will invest an additional 3 billion dollars in Changsha. Since this year, Changsha has attracted 40 foreign-invested enterprises, an increase of 81.8% year on year. Foreign investment in the city has entered a virtuous circle featuring larger quantity, bigger scale and better quality.

This article is from Hunan Provincial Government www.enghunan.gov.cn.

Translator: Kuang Zhenzhen

Chinese source: hunan.gov.cn