Xi’an, China – In a bid to tap into the region’s rich historical and cultural heritage, as well as its burgeoning economic potential, foreign companies are actively seeking collaboration opportunities in Shaanxi Province. With a growing number of international businesses expressing confidence in the province’s development prospects, the landscape of foreign investment in the region is rapidly evolving.
Historical and Cultural Attraction
Shaanxi, located in the northwest内陆 of China, is renowned for its historical significance and tourist attractions. The ancient city of Xi’an, with its Terracotta Army and ancient city walls, draws visitors from around the globe. This rich cultural backdrop has not only been a magnet for tourists but also for international businesses looking to capitalize on the region’s growing appeal.
Shaanxi has a profound historical and cultural heritage, and it has attracted visitors from all over the world, bringing more opportunities for our development, said Lu Haqing, Global Vice President of InterContinental Hotels Group. The group currently operates 33 hotels in the province, with several more in the pipeline, signaling its commitment to future growth.
Economic Growth and Openness
In recent years, Shaanxi has been accelerating its pace of openness to the outside world, continuously pushing for deeper integration into the global economy. The province’s development momentum has been strengthening, with a total of 2,353 foreign-funded enterprises and 157 investment projects by Fortune Global 500 companies to date.
Shaanxi has always attached great importance to cooperation with foreign enterprises, said Yang Miao, Director of the Shaanxi Provincial Department of Commerce. Companies like Micron, Samsung, and Johnson & Johnson have taken root and thrived in our province, contributing significantly to the economic development and modernization of our industrial system.
Foreign Investment Success Stories
One of the most prominent examples of foreign investment in Shaanxi is Micron Semiconductor (Xi’an) Co., Ltd. The company, which focuses on integrated circuit packaging and testing, as well as memory module production, is one of the largest foreign-invested enterprises in the province. In June 2023, Micron Technology announced an additional investment of 4.3 billion yuan, which includes the construction of a new plant and the introduction of new production lines.
In the past 20-plus years, Micron has rooted itself in China and established close cooperation with our clients. Our additional investment in Xi’an will further help our clients develop and innovate in multiple fields, said Wu Mingxia, General Manager of Micron Technology China. We are confident in the current status and future prospects of our business in Xi’an and look forward to continuing our growth, bringing more innovation and value to the semiconductor industry in China and globally.
Shaanxi Tour for Foreign Businesses
The China Council for the Promotion of International Trade (CCPIT) and the People’s Government of Shaanxi Province recently co-hosted the Shaanxi Tour for foreign businesses. Over 50 representatives from more than 30 foreign chambers of commerce, trade promotion agencies, and foreign-invested enterprises visited factories, industrial parks, and businesses in the province, engaging in government-enterprise dialogues and investment symposiums.
One of the participants, Wilo Group, has been deeply rooted in the Chinese market since 1995. The company currently operates two factories and more than ten branches, with one branch located in Xi’an. Wilo Group is confident in the long-term development of the Chinese economy, said Rong Guang, Director of External Affairs at Wilo (China) Pump System Co., Ltd. In the next three years, we plan to invest 15 million yuan to enhance the intelligent manufacturing capabilities of our Beijing factory and expand our R&D team to better serve local clients. We look forward to deeper collaboration with more Shaanxi enterprises and believe that the vibrant economy of the province will provide fertile ground for more foreign companies to grow.
Attractive Business Environment
Shaanxi Province has prioritized attracting foreign investment as a key strategy to drive high-quality project development. The province has implemented policies to provide special subsidies for inward foreign investment, particularly in the manufacturing sector. It has also actively resolved enterprise concerns through one enterprise, one policy approaches, creating a market-oriented, rule-of-law-based, and internationalized business environment.
As Shaanxi continues to open up and embrace foreign investment, the province is poised to become an even more attractive destination for international businesses seeking to capitalize on its rich cultural heritage and dynamic economic landscape.
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