Foreign companies boost investment in Anhui

With over 800 measures aimed at enhancing its business environments, Anhui has emerged as an important destination for foreign investment and a pioneering hub for innovation, as highlighted by the Anhui governor during a press conference on Thursday.

Wang Qingxian, the governor of Anhui province in East China, emphasized Anhui's appeal to multinational corporations. Volkswagen, the German automotive giant that initiated operations in Anhui back in 2017, made a substantial investment of 1 billion euros ($1.08 billion) to establish its largest overseas intelligent connected electric vehicle research and development innovation center in Hefei. Additionally, notable multinational companies such as Corning from the US and Unilever from the UK have notably bolstered their investments in Anhui in recent years. Most recently, Standard Chartered Bank has also commenced operations in Anhui.

Wang said Anhui has grown into an emerging industrial and manufacturing center over the past 10 years with GDP increasing from 1.9 trillion yuan ($263 billion) to 4.7 trillion yuan in 2023.

"Enterprises have participated in the research, discussion and policy-making process, including planning policies for new energy and intelligent connected vehicles, new-generation information technology, artificial intelligence and other emerging industries," said Wang.

Anhui introduced the fast tracking of preferential policies to companies identified as eligible through big data and other technology.

Laws and regulations on business environments have increased and improved in Anhui. In 2023, the province formulated regulations on examination and approval, market access, and law enforcement related to enterprises. An innovation zone for legal affairs is under construction in Hefei to provide professional and high-level legal services for enterprises.

This year, Anhui has enhanced administrative efficiency for businesses, making operations more convenient. The application process for starting a transportation company has been streamlined from 28 items to 12, reducing the processing time from 20 days to just 3 days. Moreover, companies can now utilize a single corporate public credit information report for verifying enterprise compliance information, eliminating the need for separate certificates across 40 fields.

Anhui is one of the innovation powerhouses of China's scientific and technological innovation. Integrating and coordinating in the Yangtze River Delta has promoted the development and opening-up of Anhui.

"In the new development pattern of China, new economic areas will emerge in which Anhui will surely play a role," said Wang.