Wuxi in East China's Jiangsu province has approved 51 foreign-invested projects with a combined registered capital of $465 million this year.
These foreign projects involve integrated circuits, medical devices, artificial intelligence, and technological services.
One of the projects will see US-based auto parts maker DANA build its Asia-Pacific vehicle core system and component research and manufacturing headquarters in the city.
Wuxi's development plan is almost identical to the development strategy of DANA, which is why the enterprise chose the city, said Antonio Valencia, president of Power Technologies and Global Electrification of DANA.
DANA is pursuing electrification and zero emissions, while new energy and auto and auto parts are competitive industries in Wuxi. Last year, the city generated 149.08 billion yuan ($21.84 billion) in output in the new energy industry and 206.63 billion yuan in output in the auto and auto parts industry.
Wuxi is currently home to more than 7,200 foreign-invested enterprises, including 222 funded by 110 Global Fortune 500 companies. In 2022, the city's actual use of foreign capital totaled $3.83 billion, up 3.6 percent from the previous year.
To help foreign businesses solve problems encounted in production and operation, the local commerce bureau joined other relevant bureaus to set up a work group to serve these companies.
Last year, local authorities also published 10 measures to promote the high-quality development of foreign companies and a three-year plan to cultivate foreign-funded headquarter enterprises.
