Liaoning Province in China has seen significant growth in investment promotion in the first three quarters of 2023, according to a press conference held by the Information Office of the Liaoning Provincial Government. The funds received for investment promotion in Liaoning increased by 12.5% compared to the previous year, with domestic capital in place increasing by 15.5% and the actual use of foreign capital reaching US$3.01 billion.
Liaoning’s major projects have played a vital role in supporting this growth, with 1,162 projects receiving over 100 million yuan in investment. The funds in place for these projects increased by 13.1% year-on-year, accounting for 83% of the total investment. Noteworthy is the fact that 94 projects received over 1 billion yuan in capital, with the funds in place for these projects increasing by 10.6% year-on-year. Key foreign-invested companies such as BMW Brilliance, SK Hynix, and Michelin Tire continue to increase their capital investment in the region.
The secondary industry has emerged as a leading direction for investment, and key areas within Liaoning, including Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Pearl River Delta, have contributed significantly to investment growth. Investments from these regions have increased by 16.5% year-on-year, accounting for 73.8% of the province’s total.
Liaoning has also achieved remarkable success in attracting investment from key countries and regions. The province actively promoted the “Nine Golden Policies” to stimulate foreign economic and trade development and embarked on promotional activities in major countries such as Germany, Switzerland, Japan, South Korea, and Singapore. Economic and trade cooperation exchange meetings were held, and symposiums for Japanese, American, and German-funded enterprises were conducted. These efforts resulted in the signing of 24 key foreign-invested projects, including the Industrial Gas Island with a total investment of US$1 billion from the American Air Chemical Products Company, with a contract value of US$3.26 billion.
Furthermore, the 4th Liaoning International Investment and Trade Fair was successfully held, achieving record-breaking results. A total of 271 projects were signed, with a combined contract value of 586.34 billion yuan. Large-scale investment promotion events such as the Yangtze River Delta and Beijing-Tianjin-Hebei Investment Promotion Week also attracted significant investment, with 325 projects signed and a total contract value of 229.16 billion yuan.
Liaoning has made substantial progress in promoting major projects, identifying 429 key investment promotion projects with a total contract value of 825.99 billion yuan. By the end of September, 291 of these projects had been implemented, representing an implementation rate of 67.8%.
The province has also focused on improving its business assistance services and attendant system. It has collected and resolved a total of 367 specific issues, with 353 issues successfully resolved. Efforts were made to solve 49 issues during the business environment exchange symposium for Japanese-funded and American-funded enterprises. Additionally, the “Implementation Measures for Incentives for the Establishment of Foreign-invested R&D Centers in Liaoning Province” was formulated to aid BMW Brilliance Automotive Co., Ltd.’s R&D center in obtaining tax-free import qualifications.
Liaoning’s strong performance in investment promotion bodes well for the economic development and growth of the province.