Recently, the Changsha Foreign-funded Enterprises Roundtable Conference was held. 13 foreign-funded enterprises, including Daojia Youxiang, Miracle Miles Group Inc., and Everbright Environment, received a total of 18.97 million yuan of Changsha’s special funds for expanding the utilization of foreign capital.

In July 2021, Changsha City introduced policies to encourage foreign investment. Foreign-funded enterprises with paid-in registered capital of 10 million US dollars or more within the year were eligible for a maximum reward of 3 million yuan. 

Financial institutions that established national headquarters, regional headquarters, or provincial branch offices for the first time in Changsha could receive a one-time maximum reward of 1 million yuan. In 2022, the actual utilized foreign investment reached 3.099 billion US dollars, an increase of 54.4% compared to the previous year.

In February 2023, foreign-funded enterprises in Changsha could apply for a special fund for expanding the utilization of foreign capital. 13 foreign-funded enterprises received rewards for new or increased foreign capital investment projects, with the highest reward of 3 million yuan. These projects cover various fields, including new energy, new materials, cross-border e-commerce, and high-end intelligent manufacturing.

Bain & Company specializes in researching and manufacturing various blood purification devices and consumables, with an annual sales volume of nearly 100 million sets of Bloodlines, ranking first in sales in the world. 

In March 2022, it located a medical equipment project in Liuyang, Changsha, and put it into trial production in May 20 of the same year. The project has created more than 650 jobs, attracted 10 million US dollars of foreign investment, and achieved a total import and export value of over 100 million yuan. Bain Medical’s Central and South China headquarters project received a reward of 725,200 yuan.

“The work efficiency of governments has made Changsha a promising land for investment. At the end of last year, the company decided to build the Central and South China headquarters project in Changsha,” said Lu Chan, a representative from Bain Medical.

The total investment in the project is approximately 1 billion yuan and the headquarters will become one of Bain’s three major global production bases, with a distribution center for the Chinese region. 

It is expected to achieve an annual tax payment of over 36 million yuan. Currently, the construction of main works of the project has been completed, and it is expected to start trial production in October 2023.

Lens Technology (Changsha) Co., Ltd., established in Changsha Economic and Technological Development Zone in 2011, now has three production bases. The company’s investment projects in Changsha mainly include intelligent wearables and intelligent automotive glass. In the first half of this year, the company already invested 20 million US dollars. Lens Technology received a reward of 1,421,800 yuan.

“In recent years, an increasing number of foreign investors have chosen to invest in Changsha, becoming significant participants in Changsha’s high-quality development,” said Zheng Ping, director of the Bureau of Commerce of Changsha City.

Large multinational corporations like BASF from Germany, Sumitomo from Japan and Prudential from the United Kingdom, have gathered and developed in Changsha. The number of overseas Fortune Global 500 companies settling in Changsha has reached 105.

There are now a total of 1,353 foreign-funded enterprises in Changsha. In 2022, these enterprises generated an operating income of 203.88 billion yuan, contributed a total of 11.25 billion yuan in taxes, and provided employment opportunities for 190,000 people. Foreign-funded enterprises have become a crucial driving force for Changsha’s economic development.

Changsha has been actively implementing national requirements for foreign investment, attracting foreign capital and opening its door wider to the world. The city aims to create a favourable environment for foreign enterprises to invest and develop in Changsha.

Changsha will continue to treat foreign and domestic investors equally, providing the best policies, services, and environments for businesses to develop in the city.

The government of Changsha City encourages foreign-funded enterprises to increase their investments, offering a reward of up to 13 million yuan. It also places emphasis on R&D cooperation, as Changsha is actively building itself into a global R&D center city. Fortune Global 500 companies locating their R&D centers in Changsha can receive a reward of up to 1 billion yuan.

Recently, the State Council issued a policy to further optimize foreign investment environment and attract more foreign investment, encouraging the establishment of a roundtable meeting system for foreign-funded enterprises. The Bureau of Commerce of Changsha City will give full play to the role of the roundtable meeting system, and create a platform for government-enterprise communication, providing better services and environments for business investment and operation.