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| As China pushes for technological innovation, more and more of its high-quality industries are becoming new magnets for foreign investment. (Source: Reuters) |
Volkswagen's MEB plant in Hefei, capital of Anhui Province in eastern China, is bustling with activity as more than 1,000 robots are involved in the production of new energy vehicles (NEVs). Alongside the manufacturing plant, two supply zones have been set up, with 18 partners moving in.
In just two and a half years, Volkswagen has built a new center in Hefei, covering the entire value chain from research and development (R&D) to production, sales and service of NEVs.
“We are particularly interested in Anhui’s new technologies and superior infrastructure,” said Erwin Gabardi, CEO of Volkswagen in Anhui. “We will also benefit from this innovation strength.”
Volkswagen is among the global companies that are steadily increasing their investment in China's emerging industries. As China accelerates technological innovation, more and more of its high-quality industries are becoming new "magnets" for foreign investment.
Data from China's Ministry of Commerce showed that the actual utilization of foreign investment in the manufacturing sector increased 1.9% year-on-year to 283.44 billion yuan (about 39.84 billion USD) in the first 10 months of 2023, with the high-tech manufacturing sector recording growth of 9.5%.
“Taking Anhui as an example, foreign enterprises here have expressed their willingness to expand investment in industries including high-end equipment manufacturing, new energy and other related fields,” said Wang Yaping, deputy general manager of Deloitte Hefei Branch.
According to a survey conducted by the China Council for the Promotion of International Trade in the third quarter of this year, more than 80% of surveyed companies said they were satisfied with the business environment in China.
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