SHENZHEN, China--(BUSINESS WIRE)--The second global investment promotion conference wound up in the booming southern Chinese city on Tuesday covering 780 billion yuan ($119.5 billion) worth of contracts, cementing its leading position for foreign investment in China.
A total of 242 projects reached agreements of intent, of which 40 significant projects were sealed at the conference, the city's most important investment event. They included the South China headquarters project of US retail giant Costco Wholesale, the innovation center project of the world leading health technology company Royal Philips and the research and manufacturing base project jointly developed by AstraZeneca and Kanvax for the COVID-19 vaccine.
Wang Weizhong, Party secretary of Shenzhen, stated the city will continue to open its market widely and will further upgrade its business environment to better facilitate the work and lives of investors form around the globe.
Wang reiterated that any high-quality project that meets Shenzhen’s industrial development strategy and the city's high-quality and sustainable development demand will be able to secure land in the city.
As a pioneer of China’s reform and opening up, Shenzhen has continually been a popular destination for foreign investment. According to the Commerce Bureau of Shenzhen Municipality, Shenzhen’s actual use of foreign capital amounted to $7 billion in the first 10 months of this year, growing 7.58 percent year-on-year, with Hong Kong SAR, Britain, France, Germany, Japan, and Singapore being main sources.
Deloitte indicated in its latest industry observation report on the development environment of Shenzhen’s information technology and biotechnology industries, released at the conference, that the research and development input in Shenzhen has accounted for 4.2 percent of the city’s gross domestic product, a level equivalent to that reached by some developed countries.
According to the report, it attributed the consistent development of the technological innovation in Shenzhen to three key aspects: highly open and innovative system and policies, effective allocation of funds and professionals, and a fair legal system and transparent governance.
Qualcomm, a world leading wireless technology company, stated that it chose to set up its global innovation center in Shenzhen because of the city’s complete industrial chain for manufacturing and hardware, as well as for its open, fair, and practical business and innovation environment.