Xinhua Silk Road: Eastern Chinese city attracts investors by creating sound biz environment

BEIJING, Aug. 10, 2020 /PRNewswire/ -- Huai'an, a prefecture-level city of east China's Jiangsu Province, is exploring to expand the service objects of its "101 percent service" mechanism from large firms and projects to all market players, so as to create a more dynamic economic ecology.

As a government service brand carefully built by the city in recent years, the "101 percent service" mechanism aims at providing an additional one percent of service to investors while meeting the legal requirements of investors at 100 percent.

Under this mechanism, nearly 200 units and departments in Huai'an help enterprises solve difficulties to the maximum extent to promote the development of enterprises in an efficient way.

The city has never stopped attracting investors even when faced with the COVID-19 pandemic. It has taken multiple measures to advance investment promotion during the epidemic prevention and control period.

The municipal leaders have kept interactions and exchanges with investors and entrepreneurs on a monthly basis to help them solve problems in investment and business development.

The city's commerce bureau released a letter to international investors in Chinese, English, Japanese and Korean languages to introduce the preferential policies for enterprises and the quality business environment of Huai'an to them, so as to enhance their confidence to invest in the city.

Cai Lixin, Party chief of Huai'an City, had led a delegation March this year to visit Yum China Holdings, Inc. (Yum China, NYSE:YUMC), Red Star Macalline Group Co., Ltd., Sinochem International Corporation (600500 SH.) and other well-known enterprises for investment promotion.

As a result, on July 10, Yum China, a leading Chinese restaurant company, signed an agreement with Huai'an to settle its northern Jiangsu supply chain center in the city. This will help boost the Huai'an's food industry development.

A resident working group has also been established in the Huai'an Economic & Technological Development Zone to help enterprises with work and production resumption amid the epidemic, including assisting companies in arranging CT and nucleic acid tests as well as hotels for medical observation for foreign staff.

These efforts have yielded fruitful results. From January to June this year, 47 new foreign-funded projects with foreign investment of 1.27 billion U.S. dollars settled in Huai'an, and 480 million U.S. dollars of the funds have already been received.

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