Putuo continues to draw foreign investment with array of services
The Putuo section of Shanghai's iconic Suzhou Creek
Putuo District in the northwest of Shanghai has become a magnet for both domestic and overseas companies with its fine business environment, despite the resurgence of the COVID-19 pandemic.
The downtown district has been promoting its slogan, "Reliable people ensure happy deals in Putuo," a key principle for the government's conduct on all kinds of issues, especially the attitude toward overseas investment.
Putuo attracted a total of US$1.268 billion in foreign investment in actual use between January and September this year, a 4.31 percent increase from last year.
Over 90 percent of the target set by the district government early this year has been accomplished. The total foreign investment in Putuo is expected to reach US$1.4 billion by the end of 2022, a 5 percent increase year on year.
Putuo will further enhance foreign investment promotion and focus on high-end and quality projects, while providing efficient and high-standard services, according to the district government.
The Tian An 1000 Trees, a popular commercial complex along Suzhou Creek in Putuo
Jiang Dongdong, Party secretary of Putuo, has said that the district government always acts as a "waiter" when serving companies, no matter where they come from; whether big or small.
Thanks to the optimized business environment, the foreign sector of Putuo's regional economy has been stable while strengthening rapidly.
Some multinational enterprises, such as Schneider, have set up research and development centers or regional headquarters in Putuo notwithstanding the pandemic and a complex international situation.
The district has long been popular with leading foreign giants in various industries, such as Schneider, Merck Sharp & Dohme and LS Electric. They comprise an integral part of the region's economy, according to Jiang.
During the COVID-19 resurgence early this year, Putuo offered full support to foreign companies by ensuring supplies, logistics and subsidies as well as helping them restore production sooner. Eight foreign companies based in the district, including Schneider, Deutz, Nord-Lock, DeLonghi and Roquette, were among Shanghai's second batch of companies that were allowed to initially resume production amid the resurgence.
The refurbished Suzhou Creek Industrial Civilization Exhibition Center
Government officials and service staff also visit the foreign firms frequently to learn about their business operations, difficulties as well as their willingness to participate in the six-day China International Import Expo, which opens today.
Putuo has published a magazine PT Business to update the latest investment information and policies mainly for foreign companies. A foreign business complaint center has been set up to handle the complaints and protect the legal rights of the foreign sector.
More than 50 foreign companies were invited to a series of lectures given by various government bodies to guide their work resumption as well as human resources and financial services after Shanghai's COVID-19 lockdown was lifted.
"Putuo has been driving on the expressway of development with advantages on space, traffic, location and talent," Jiang pointed out.
Putuo signed agreements on a record 40 key investment projects in September, including four with leading enterprises in the life health and intelligent medical sectors.
"Putuo is where the dream begins and the springboard for future development of the company," Chen Bingdi, chairman of the board of Zhihui Medical, observed.
Chen said various departments of the Putuo government offered great help during the company's registration, which reaffirmed its determination to develop in the district.
An aerial view of Putuo District along Suzhou Creek
As a leading company in high-end medical innovation, Zhihui focuses on R&D platforms for innovative anti-cancer drugs. It has acquired over 50 national patents. The company will support the development of Putuo's life health sector, a key pillar industry of the district, Chen added.
Putuo has also made improving the environment one of the top priorities on its agenda, since foreign investors and companies have high requirements for living and working conditions, according to the district government.
The district has penciled in an upgrade of its waterways and riverside regions, a plan to create additional parks and increase safety standards in old residential communities and improve its roads.
Putuo hosts Suzhou Creek's longest frontage area in downtown Shanghai, stretching 21 kilometers. Chinese entrepreneurs built national industries, including textiles, flour, beer, minting, printing and clothing facilities, along the most zigzagged section of the creek, known as the "18 bays."
A "Half Marathon Suzhou Creek" has been planned along the Putuo section of the creekside early next year. And, Suzhou Creek cruise services will gradually open to the public soon.
Key riverside attractions along the half marathon route include the renovated Suzhou Creek Industrial Civilization Museum, the Tian'an 1,000 Trees mall and the Shanghai Children's Library.
Meanwhile, the 2022 Shanghai Elite 10K Race will be held on November 6, gathering 4,000 runners from around the country. The route covers some of the signature landmarks in Putuo, including Changfeng Park.
