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Xinhua Silk Road: East China’s Hangzhou becomes popular destination for investment

November 5, 2019

BEIJING, Nov. 5, 2019 /PRNewswire/ -- Hangzhou, the capital city of east China’s Zhejiang province, has become a popular destination for investment on improved business environment in recent years.

Statistics showed that Hangzhou’s actual use of foreign capital reached 6.086 billion U.S. dollars in January-September, up 19.21 percent year on year.

The outcome came firstly because the city has implemented a host of measures to attract talents and improve related services to optimize its business environment.

Hangzhou ranks first in China in terms of the net inflow of talents in 2018 and 2019. It also leads the country with regard to the introduction of high-level overseas talents, engineers, and elites from the science and technology fields.

Rich talent pool has brought in waves of quality capital and advanced industries, which together shaped Hangzhou into a center for high-end manufacturing and intelligent manufacturing.

Many transnational industrial incubation platforms, such as the China Australia Medtech Innovation Park and the Sino-Finnish Technology Industrial Park, have settled in the city, driving local industrial transformation and upgrading.

Besides, Hangzhou has also improved its government services, cut taxes and fees, and streamlined administrative procedures, aiming at building a world-class business environment.

To promote innovation and entrepreneurship, Hangzhou has set up government funds, policy-based technology guarantees, special funds for technology-related small and medium-sized enterprises, and established technology banks in partnership with major banks.

The city also made breakthroughs in tax reduction. Data showed that 2.309 billion yuan of tax has been reduced for 116,300 enterprises since 2018. Meanwhile, the city’s value-added tax reform has saved companies 4.105 billion yuan of taxes.

With geographical advantages, abundant resources of talents, innovation and capital, as well as efficient government services, Hangzhou is enjoying more opportunities than ever before, said an official with Hangzhou Investment Promotion Bureau.

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SOURCE Xinhua Silk Road Information Service