Chengdu opens its arms to overseas investment, business opportunities

By Li You | China Daily 

Chengdu pledged to further open its local market and improve its business environment to welcome more overseas enterprises at a project signing ceremony held on Nov 6 during the China International Import Expo in Shanghai.

At the subsidiary event to the expo, Chengdu signed contracts on 14 large-scale projects with companies from countries including the United States, the United Kingdom, Australia and Japan, covering intelligent manufacturing, automobiles, new energy and the service industry.

During the ceremony, the city government also released a string of new policies to attract foreign investment, highlighting Chengdu's desire to do business with companies from around the world.

At present, Chengdu is holding fast to the opportunities springing from the Belt and Road Initiative, expanding its business channels and deepening its opening-up, said Luo Qiang, the city's mayor.

"The next years will witness new growth in both import and export volumes in Chengdu on its path to building itself into an international hub city in West China," Luo said.

To provide better services for its overseas investors, Chengdu has set up a BRI international exhibition and exchange center and BRI international food street, according to Li Dongchuan, secretary-general of Sichuan Promotion Association for the Belt and Road Initiative.

"Prior to the expo, we have already reached agreements of intent on cooperation enterprises in the US, Australia, New Zealand, South Korea, Japan and Sri Lanka," said Li, praising the actions taken by the promotion association.

More than 300 delegates from world renowned enterprises, cross-border traders, international business associations and foreign-funded enterprises as well as representatives from State-owned and private enterprises in Chengdu attended the project signing ceremony.

Thanks to the open and inclusive environment in the city, it has become common sense for entrepreneurs to start businesses in Chengdu, according to the organizer of the ceremony.

Chengdu Better City Group, a State-owned capital investment and operation company, announced an investment worth 62.5 billion yuan ($8.99 billion) at the CIIE.

As the company that has invested in more than 1,000 key projects for Chengdu's urban planning, it is now paving the way for the projects by building apartments for skilled professionals, medical and health industry infrastructure, as well as the landmark projects such as the Jincheng Greenway and Tianfu Cultural Park.

At present, the group is listed as a top 500 Chinese enterprise, with assets exceeding 150 billion yuan. In order to speed up the global expansion, the company has set the goal to enter the ranks of the world's top 500 enterprises by 2022.

"The rise of the company is reliable evidence of the city's development," said Ren Zhineng, president of the company.

"Better City is a representative model of State-owned enterprises in Chengdu, and also the epitome of thousands of enterprises in Chengdu. Chengdu will surely become a great place for more enterprises to develop their businesses and discover their own treasure," Ren said.

Lord James Sassoon, chairman of the China-Britain Business Council, said: "Last year, I visited the China (Sichuan) Pilot Free Trade Zone in Chengdu's Tianfu New Area. It impressed me deeply with the facilitation for trade. We hope to perform deeper cooperation with Sichuan via the platform of CIIE."

Luo added that the area has plenty more to offer too. "Jinbao, the mascot of CIIE, is mirrored with the giant panda. Chengdu is not only the home to giant pandas, but also a large number of historical sites including the celebrated Dujiangyan Irrigation System, Wuhou Shrine, Du Fu Thatched Cottage and Qingcheng Mountain."

The unique lifestyle of Chengdu citizens, which features dining in hot pot restaurants and sipping tea in tea houses, has helped the city to become a popular destination in the world, as rated by international tourism organizations, Luo said.

In addition, the transport network established by Chengdu in recent years is helping to spearhead increased trade with foreign countries.

Chengdu was included in the rail network initiated by the China Railway Express to Europe service five years ago. The Chengdu-Europe railway has linked 14 Chinese cities and 16 overseas cities as of the end of July.

In the wake of Chengdu's increasing connection to the outside world, Chengdu has established economic and trade relations with 228 countries and regions worldwide. A total of 285 companies listed as the world's top 500 enterprises have invested in Chengdu.

In 2017, the international trade volume for the city reached 394.18 billion yuan, an increase of 45.4 percent year-on-year. Foreign investment reached 1.84 billion yuan, an annual increase of 59.1 percent.

liyou@chinadaily.com.cn

Chengdu holds a project signing ceremony on Nov 6 during the China International Import Expo in Shanghai, releasing a string of new policies to attract foreign investment. Photos provided to China Daily

More than 300 delegates from global enterprises and associations attend the event, where a total of 14 contracts for large-scale investment projects are signed.

Attendees exchange their business cards during the project signing ceremony.