
BEIJING, Oct. 22, 2024 — Jiangyin, a city in eastern China heavily reliant on its private economy, saw its foreign investment in the first eight months of this year soar to $1.16 billion, following a record-high in paid-in foreign investment in 2023.

The city, a leader among comparable localities in Jiangsu Province, attracted this significant foreign investment from both existing and new investors seeking to participate in its strategically emerging industries.
Jiangyin City, with strong foundations in integrated circuits, new energy, high-end equipment, bio-pharmaceuticals, and other sectors, welcomed 44 new foreign-invested projects during the first eight months of the year.
For example, in August, the city welcomed a new investment project from Trustchip Korea, which plans to establish its Jiangyin headquarters and a semiconductor equipment assembly and production base there.
Upon operation, the base is projected to achieve annual sales of 350 million yuan. Its second phase aims to construct the China-Korea chip valley industrial park, where a 3rd generation automotive-grade semiconductor module packaging and wafer factory is planned.
Together with Jiangyin City, the South Korean company aims to jointly develop a new model showcasing the vibrancy of the integrated circuit industry there.
In addition to Trustchip Korea, 30 other foreign companies, including Unilever and EDF, established new investment programs in Jiangyin this year.
Existing foreign-funded enterprises in Jiangyin also expanded their investments.
Following an initial $10 million investment out of profits in early 2024, Alfa Laval (Jiangyin) equipment manufacturing Co., Ltd., which has been operating in China for 30 years, plans to increase its investment by $10 million next year.
This growth in foreign investment is largely attributed to the city’s unwavering efforts in creating a fair, rule-of-law-based, policy-leading, and innovation-encouraging business environment for foreign-funded enterprises.
Under a three-year action plan to attract regional headquarters of foreign-funded enterprises, the city offers incentives to encourage investment expansion, R&D innovation, and profits-based reinvestment in Jiangyin.
Currently, these business-friendly policies and life facilitation measures encompassing six aspects related to entry and exit, payment, work, living and travel, consumption, education, and healthcare for foreigners are effectively attracting more foreign investors to the city.
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