Guangzhou has secured two landmark deals with major multinational companies attending the 2nd China International Import Expo in Shanghai. One is with UK-based pharma giant AstraZeneca, the other with Swiss-Swedish industrial giant ABB Group, both members of the Fortune 500.Continue reading Guangzhou lands two big deals in Shanghai
Talk about a big dig: Dongguan has shovels in the ground on 77 new projects so far this year, more than double the number of the same period las year, according to local media. From January to September, these projects have committed investment of RMB 50.89 billion, up 22.0% YoY.
Dongguan is on a mission to raise investment – local and foreign – for new projects across the municipality, and early efforts are paying off, with contracted investment rising 35.7% in the first half of this year, according to official data.
According to Dongguan Daily, the city introduced 2,062 new domestic and foreign-funded projects in the first six months, with total contracted investment of RMB 107.322 billion. Nearly two-thirds of this amount was committed into 122 large-scale projects worth a collective RMB 96.024 billion, a 54.85% jump over the same period last year. Among these, 85 projects exceeded RMB 100 million each, and 37 were by foreign companies.
The four biggest of these projects are located in the Binhai New Area, which is being built into a major hub for transport, logistics, and new strategic industries. Read also our Dongguan overview for more detail.
Caixin Global has a series of charts taking a deeper look at how intertwined Hong Kong’s economy is with the mainland. They are well worth a look. Highlights:
Hong Kong may be a worrisome mess, but foreign investment continues to like what it sees in the rest of the Greater Bay Area. In Guangdong, 7,820 new foreign direct investment enterprises were established in the first half of the year, worth RMB83.77 billion, up 5.9% YoY.
One of the highlights came from Fortune 500 company General Electric (GE), which has set up the Asian Biotechnology Park in Guangzhou. It now plans to build a world-class offshore wind turbine assembly base in Jieyang as well as an operation and development center in Guangzhou.
The provincial government has made efforts recently to improving the business environment by introducing an “express lane” for multinational companies to receive approval on projects. As a result, Siemens has signed a comprehensive cooperation agreement with Guangdong, while another 17 major projects have settled here.
It is little wonder Huawei chose Dongguan as the site of its biggest-ever developer conference, which is currently taking place at its new R&D-focused campus that looks like a mini-Europe. The city has released data showing that investment in “technological upgrading” shot up nearly 50% in the first half of the year.Continue reading Dongguan tech investment surges in 1H
In the wake of the Qianhai Cooperative Forum 2019, which was held at the weekend, the city has released statistics showing how fast the special economic zone is ramping up investments and output.
Official data shows utilized foreign direct investment in Qianhai jumped 12.1% to $2.533 billion in the first six months. Hong Kong companies were the most aggressive, and now account for nearly 90% of the zone’s total utilized FDI of US22 billion. Their utilized FDI was 60% of Shenzhen’s and 20% of the entire province’s during the first half.
Despite Hong Kong’s increasingly violent political protests and rising tensions between protesters and the government, InvestHK remains “cautiously optimistic about the investment outlook in Hong Kong,” according to David Wong, head of strategic research.
“If we look at the economic fundamentals of Hong Kong and China, they remain strong,” said Wong in an interview with Greater Bay Insight. He added that the government body, which is tasked to attract and facilitate inward investment, continues to receive keen interest around the world and the pipeline remains healthy.Continue reading InvestHK remains upbeat
The chief executive of Huawei’s Italian unit, Thomas Miao, said at an event in Milan on Monday that Huawei would invest US$3.1 billion and add 1,000 jobs in Italy over the next three years, reports Reuters.
Miao also confirmed that the Chinese company would cut 1,000 jobs in the US. He said if the company is kept on a blacklist in August by Washington, it has “a plan B” to guarantee supplies of components.Continue reading Huawei to put $3.1b into Italy
Amcham South China predicted in a recent member survey that, despite the US-China trade war, its members were prepared to keep investing in the country. The same went for Britcham. Official data suggests they – and other foreign investors – kept their word. In the first half of 2019, Guangdong approved nearly 8,000 foreign direct investment projects, worth RMB83.77 billion, up 5.9% year-on year.
Big projects are the driver. The province has seen a 28.2% increase in projects worth more than US$100 million, totaling US$7.61 billion among 26 projects. Companies like General Electric, Exxon Mobil and BASF launched large industrial projects in second-tier cities like Jieyang, Huizhou, and Zhanjiang.
Around 40% of the total FDI went to the province’s free trade zones, which attracted RMB33.48 billion. The most favored sector is the high-tech industry, which utilized RMB13.83 billion of FDI, up 82%, in the first half. Investment from developed countries amounted to RMB11.08 billion, up more than 60%, among which France (+43 times), South Korea (+4.5 times) and Italy (+3.3 times) were the biggest.
Read more in Chinese.