People look at a 5G+ Hydrogen-powered unmanned tractor during the 13th Central China Investment and Trade Exposition (Expo Central China 2024) in Changsha, central China's Hunan Province, May 31, 2024. (Xinhua/Chen Sihan)
CHANGSHA, June 4 (Xinhua) -- Drawn by the rich opportunities in China's central region, various foreign-funded enterprises have cast their vote of confidence by settling there and expanding their investment or operations.
Among them is the German chemical giant BASF, which has set up a branch in Changsha, capital of central China's Hunan Province.
And earlier this year, Volkswagen Group China announced an investment of 2.5 billion euros (about 2.73 billion U.S. dollars) for the expansion of its innovation hub in Hefei in Anhui Province.
China's central region comprises six provinces: Shanxi, Henan, Anhui, Hubei, Hunan and Jiangxi. The country has emphasized the need to accelerate the rise of its central region as part of its efforts to promote coordinated regional development.
From May 31 to June 2, the 13th Central China Investment and Trade Exposition (Expo Central China 2024) was held in Changsha to facilitate trade and investment in this region. This year's expo attracted the participation of more than 200 multinationals.
Vincenzo Raffa, general manager of Yita Business Affairs, a business affairs firm based in China, said that China's central region offers abundant opportunities for Italian companies. With China's growing consumer market and increasing demand for high-quality products and services, Italian companies can leverage their expertise in fields such as manufacturing, design and fashion, he noted.
Cooperation and partnership between Italian and Chinese companies will yield win-win results. Italian companies have unique advantages in technology, design and quality, while central China offers a vast market and geographical benefits, so there is significant potential for collaboration between the two sides, according to Raffa.
China's central region, known for its agriculture, energy and equipment manufacturing industries, is striving to build a modern industrial system at an accelerated pace.
This year's exhibition, covering an area of approximately 40,000 square meters, featured exhibits from the aforementioned six provinces, including a 5G+ hydrogen-powered unmanned tractor and an intelligent self-driving bus.
Raffa said he was very impressed by the industrial upgrading and innovation capabilities of the central region showcased at the expo, adding that the concentration of resources in the region provides opportunities for Italian companies specializing in advanced technologies and green solutions.
China's faster-than-expected economic growth of 5.3 percent in the first quarter of this year reaffirms its attractiveness for foreign investment. The number of newly established foreign-invested firms in the country hit 12,000 during the period, up 20.7 percent year on year.
An ever-improving industrial system, a vast consumer market and an increasingly optimized business environment have made China's central region a magnet for foreign-funded enterprises.
According to Wang Xueli, CEO of Zurbrüggen Business Management Co., Ltd (China), which is the China headquarters with the German enterprise Zurbrüggen Group, since their establishment in Changsha, the city has experienced an improved business environment, rapid infrastructure upgrades and significant economic development.
Wang said that central China boasts abundant human and educational resources, extensive transport links and great potential for further economic development. "We hope that by participating in the expo, we can explore more investment and cooperation opportunities in a region worthy of long-term efforts."
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