A panoramic view of Junshan New City in the Wuhan Economic and Technological Development Zone (WEDZ). [Photo provided to en.whkfq.gov.cn]
News from the investment promotion bureau of the Wuhan Economic and Technological Development Zone (WEDZ) suggests that from January to August this year, the actual utilization of foreign investment in the zone exceeded $300 million, ranking first in Wuhan.
Faurecia, a globally renowned automobile parts company, has been operating businesses in the zone for 31 years, and has continuously increased its investment in the construction of factories, research and development centers, and regional headquarters. In 2022, the company invested another $660 million yuan ($91.94 million) to establish its Central China R&D center.
The zone's favorable business environment has won the favor of enterprises. The State Council's proposal on further optimizing the foreign investment environment and attracting more foreign investment supports the establishment of research and development centers by foreign investors in China. The Wuhan Economic and Technological Development Zone has actively responded to the call, encouraging foreign investors to set up regional R&D centers in the zone.
WEDZ is home to more than 400 manufacturing-oriented foreign-funded enterprises from over 40 countries and regions, including Japan, France, the United States, Germany, and South Korea, among which nearly 80 are Fortune Global 500 companies. There are 75 automobile and parts suppliers in the zone, accounting for 47.8 percent of all companies in the zone.
