EYESHENZHEN  /   Business  /   Industry News

SZ's actual use of foreign capital surges in H1

Writer: Xia Yuanjie  |  Editor: Zhang Chanwen  |  From: Shenzhen Daily  |  Updated: 2022-08-22

Shenzhen's actual use of foreign capital surged 11% year on year to US$5.8 billion in the first half (H1) of this year, Shenzhen Special Zone Daily reported Sunday.

The city’s complete industrial chain, sound business climate, accurate policy guidance and highly efficient government services have made it highly attractive to international top-tier enterprises, the Daily said.

This year has seen several Fortune Global 500 companies settle in Shenzhen, which showed foreign investors’ confidence in the city.

Asea Brown Boveri (ABB), the world’s leading power and automation technology provider based in Switzerland, inaugurated its China headquarters for electric transport at Nanshan iPark earlier this month.

Also this month, Siemens Shenzhen Magnetic Resonance Company (SSMR) launched a postdoctoral innovation practice base.

The firm, one of the largest developing and manufacturing centers of Siemens Healthineers, will cooperate with Shenzhen University to jointly cultivate post doctorates and accelerate the transformation of scientific and technological achievements.

In an interview, Shi An, general manager of SSMR, recognized Shenzhen’s important role in the company’s two-decade development. Propelled by strong support from the government and rich talent resources, SSMR has joined leading wholly foreign-funded companies in the Guangdong-Hong Kong-Macao Greater Bay Area.

At the end of April, Dutch health technology company Philips opened China’s third innovation center of the firm in Shenzhen, which focuses on the product development of the company’s healthy life and interconnected care business.

Over the recent years, Philips has been expanding its presence and increasing R&D investments in Shenzhen. Its interconnected care products, such as monitors and ventilators, are produced in the city, according to Chen Peng, head of Philips Innovation Center.

Data from Shenzhen’s commerce bureau showed that nearly 6,000 foreign-invested enterprises were established in the city last year, up by 30% from a year earlier.

Shenzhen is now home to firms from over 160 countries and regions, including nearly 300 Fortune 500 enterprises, and has approved over 100,000 direct foreign investment projects.

To encourage multinational companies (MNCs) to establish regional headquarters in Shenzhen, the city government has introduced a spate of supporting measures, including rewards of up to 6 million yuan (US$880,140).