Foreign capital inflow reaches record high in Taicang

Taicang, a county-level city in Jiangsu province, remained a popular investment destination despite the novel coronavirus outbreak, local media reported from the municipal commerce bureau on Feb 6.

In January, the city's actual use of foreign capital soared 156 percent from a year earlier to $232 million, a record monthly amount for the city.

The city's secondary industry received $143 million in investment, up 929 percent year on year and accounting for 62 percent of all foreign capital inflow. The service industry received $88 million in investment, up 15.6 percent and accounting for the remaining 38 percent of capital inflow

High-tech enterprises engaged in both the secondary and service industries received $156 million in investment and boasted five large projects worth a total of over $130 million.

Taicang Renli New Technology Co was founded on Jan 10 as a joint venture between Singapore-based real estate developer Yanlord Land Group and Shenzhen-based Leaguer Group. The company attracted $50 million in investment and represented Taicang's first successful usage of foreign capital in 2020.

"We have examined the business environment in multiple Chinese cities and chose Taicang for its strong industrial foundation and geological advantages," said Xin Deguo, a spokesperson for the investment and development department of Renli New Technology.

With support from the Taicang government, the joint venture will build a technology valley integrating new energy vehicles, internet of vehicles, 3D printing, and startup incubation services. It is expected to lead to the development of a pilot innovation zone in the Yangtze River Delta area.

Surging foreign capital inflow in January shows that investors still have strong confidence in Taicang's industry and economy. On Feb 3, the city rolled out 12 new policies to help local enterprises stabilize their financing and hiring amid the novel coronavirus pneumonia outbreak.