Foreign investment in Xinghua – a county-level city, administered by the prefecture-level city of Taizhou, in East China's Jiangsu province – is remaining strong in the current year.
The value of its foreign direct investment recently ranked first in Taizhou, according to data from the Taizhou Bureau of Commerce.
Xinghua has four newly approved foreign investment projects and their total investment this year amounted to $259 million.
The city's traditional industry has also set a record in foreign investment. Jiangsu Xingda Steel Tyre Cord Co's project in Thailand has become the largest and most invested project by Taizhou outside China. The project now has about 800 employees working there, with an annual production capacity of 60,000 metric tons of steel cable.
A number of traditional enterprises in Xinghua are flourishing and developing rapidly overseas. Jiangsu Fenjie Non-ferrous Metal Products Co Ltd – engaged in the production and sales of aluminum alloys – has now become a middle-sized enterprise in Malaysia, with 130 employees. Its monthly revenue now reached 60 million yuan ($8.61 million).
"This year, Xinghua's modes and destinations for foreign investment show more diversity," said Huang Hongqi, director general of the Taizhou Bureau of Commerce.
"For example, many of the investments have upgraded by building factories, instead of having just offices and trading companies," he added.