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Preferential Policies Available for Foreign Businessmen with 20 Projects in Hubei Since June

Since 10 June, foreign businessmen who have 20 projects in Hubei shall gain preferential policies concerned. National Development and Reform Commission (NDRC), together with Department of Commerce published Catalogue of Priority Industries for Foreign Investment in the Central-Western Region (2013 Revision) yesterday. Foreign investment project belongs to Catalogue shall enjoy the preferential policies which encourage the investment of foreign businessmen, 20 projects in Hubei being listed.

New version shall come into effect on June 10, 2013, while in the meantime Catalogue of Priority Industries for Foreign Investment in the Central-Western Region (2008 Revision) published in December 2008 shall be expired. According to analysis in the industry, there remains small fluctuation in attracting foreign investments due to slow process of global economic recovery and strict cross-national aggregate investment. In the future, attracting funds to invest in the western region shall be the focus of work.

In this revision, 20 industries in total have been listed in Hubei including production of non-woven fabrics and medical textile, manufacturing of auto parts, R&D of laser medical equipment, photoelectron technology and products and so on.

Compared with last revisions, total amounts of projects in Hubei keep constant, but there is an apparent industrial guiding. One distinct comparison is three industries which had been listed in the catalogue in 2008 have been part of history including new dry process cement production of cement clinker with daily capacity of 4,000 tons and above, deep processing of silk products and vocational education organization, replaced by development, protection and sustainable use of medicine resources for flora and fauna, production of high-performance radial tire as well as medicine and aging service.

Investment of foreign businessmen in Hubei is in sound condition. According to statics from the Provincial Department of Commerce, there are 61 newly approved foreign-invested projects in Hubei with year-on-year growth of 40%; actual use of foreign investment about USD 1.8 billion with year-on-year growth of 28.9%. In this batch of projects, there 28 projects with investment above USD 10 million and 16 projects with investment above USD 50 million, three times of year-on-year growth.  

It is said by insider that China has been in a mature stage of attracting foreign investment, which means the past rapid growth in the beginning will be hard to appear. Emphasis shall be laid on the adjustment and optimization of investment environment in central-western region, attracting foreign investments to invest in central-western regions.