Hunan Free Trade Zone Changsha Area Sees Good Start in Investment Attraction

The Hunan Pilot Free Trade Zone Changsha Area witnessed a “good start” in attracting investment in the first two months of this year, as it was learned on February 27, 2022. There were 7 projects with a total investment of 15.92 billion yuan signed, covering new energy, auto parts, equipment manufacturing, and other fields.

Among them, the SAIC Volkswagen Audi new car model project, with a total investment of 5 billion yuan, plans to build a SAIC Volkswagen mid-to-high-end car model production base in central China. After the BYD new energy auto parts industrial park project is completed and put into production, it is expected to make an annual output value of no less than 5 billion yuan. The DECX Group southern headquarters project was officially signed and settled in the area, with a contract amount of 1.5 billion yuan. The Dongguan Jiali Semiconductor Co., Ltd. will inject about 500 million yuan to build the R&D, design, and production center of pressure sensors and power chips in the airport zone of the Changsha Area.

The Hunan Pilot Free Trade Zone Changsha Area has built the first one-stop service center for foreigners working in China and the one-stop service center for foreign investors, to create a first-class business environment. It has issued 45 new policies for free trade talents, brought in 42,000 talents, been granted 86 provincial-level management permissions, and rolled out 25 simplified approval items and 80 “One-step Approval Process” items. It has taken such reform measures as separating operating permits from business licenses, the “Three-in-one Certificate” approval for engineering construction projects, and convention and exhibition integration approval.

According to statistics, in January 2022, there were 447 newly-added enterprises in Changsha Area, including 3 new financial institutions, and 2.377 billion yuan of new domestic registered capital. The actual use of foreign capital was 82.87 million US dollars, accounting for 23.9% of the city's total.

Translator: Yu Jiangjiang