Grand gala held to mark increase in investment

Shanxi is witnessing a boom in investment this year, with a great number of projects signed, constructed or becoming operational.

A grand gala was held in the province at the end of September for the signings, launches and operations of a great number of investment projects. This latest ceremony was the fifth such event held this year.

Among the new launches was an original equipment manufacturer plant for internet company Baidu's Xiaodu smart speaker in the eastern Shanxi city of Yangquan.

The first-phase investment of the project is about 150 million yuan ($23.44 million), with an annual output of 10 million units, according to Shanxi Jonter, the OEM of Xiaodu.

Changzhi High-Tech Development Zone in the city of Changzhi also saw the signings, launches and operations of a raft of high-tech projects that cover such fields as new energy vehicles, next-generation information technology, semiconductors, photoelectronics and advanced manufacturing.

Industrial officials in the province said the projects represent new growth areas in Shanxi and reflect its strategic transformation that features a shift in focus from the traditional coal mining and heavy industries to the cultivation of new, emerging sectors to drive high-quality economic development.

Shanxi's various industrial zones and parks are the major destinations to host such new projects.

Statistics from the Shanxi Department of Commerce show the 88 industrial zones and parks in the province secured a total of 1,059 investment projects by the end of August, with combined investment amounting to 496.94 billion yuan.

The Shanxi Transformation and Comprehensive Reform Demonstration Zone is the province's main draw for attracting investment.

The zone, founded in January 2017, is designed as a pilot area for Shanxi's economic transformation by attracting investment in emerging industries. It has developed a comprehensive industrial system that covers such sectors as biological technologies, IT, NEVs, new materials, aerospace, modern logistics, energy conservation and environmental protection.

Shanxi's boom in investment is associated with local authorities' constant efforts to improve its business environment, according to local entrepreneurs.

Hao Ronggui is the general manager of Richangxin New Materials, a newly established company in Yangquan. He said he was impressed with and "even astonished" at the speed that he could start a new business in the city.

"From the project's signing to its trial operation, it took only five months and 12 days," Hao said.

He explained that the secret behind the "Yangquan speed" is the local officials' efforts in improving the business environment.

Such efforts include streamlining approval procedures and officials' whole-process assistance from business registration, land acquisition and construction to operation, according to Hao.