China's Motor City Wuhan, start your engines now!

(Xinhua)  Updated: 2016-05-18 08:02

A Chinese employee working on the Kadjar car assembly line of France's Renault and China's Dongfeng Group factory in Wuhan, Hubei province. Renault was the last major producer that has opened a car factory in China.AFP

Jiangxia district in Wuhan, capital of Hubei province, takes pride in its young car culture: streets here are named after Chevrolet, Buick and Cadillac. People introduce their hometown as "China's Motor City", and many young people expect to work in the automotive industry when they leave school or college.

The district is home to Shanghai General Motors' Wuhan factory, which opened last year and assembles 1,300 Buick Excelles a day, at full tilt, supporting an ecosystem of dozens of auto parts factories.

Just across the Yangtze River is a new Dongfeng Renault plant that opened in February. The joint venture plans an eventual annual capacity of 300,000 cars.
The riverfront is at the heart of the city's ambitions. Wuhan attracts foreign investment partly through ease of water transit and proximity to the inland market. The city was founded on steel and the car industry is seen as away of weaning the city off its over-reliance on a declining industry.

Once China's biggest steelmaker and the pride of the city, Wuhan Iron and Steel (Group) Corp is now under pressure to cut excess capacity like many others. Board Chairman Ma Guoqiang has said that as many as 50,000 workers "will need to find another job".

Thankfully for those about to be laid off, Wuhan is home to nine car factories, including joint ventures with Renault, PSA and Honda, plus dozens of auto parts-makers.

The auto industry now supplies 20 percent of the city's industrial output and employs more than 1 million residents.

A personnel manager with Dongfeng Peugeot Citroen Automobile said that the number of assembly workers is actually falling as robots take their jobs, but more jobs are opening up among parts-makers and at vehicle storage facilities.

In the eyes of local people, the car industry is where the action is. "Wuhan is becoming a city of cars, attracting billion-dollar projects, and many smaller plants. I came back because I saw the potential here," said Kang Mansheng, 35, who works at a parts-maker in Jiangxia. Kang spent eight years as a driver and mechanic in eastern China but came back in 2015 with his wife and many colleagues as local salaries improved.

"Many people have had similar experiences. They have worked in car businesses in other cities and returned to Wuhan with experience and skills. They have faith in the future of the city," Kang said.

Apart from picking up the employment slack left by steel mills, the auto industry is a major customer of steel producers, and the city sees it as a stimuli to upgrading the steel industry.

WISCO now supplies steel panels to local car plants, 70 percent of DPCA's panels in fact, along with other marks such as Volkswagen and Land Rover.

Li Minghuan, a director of the DPCA technical center, said WISCO began supplying low-end panels in 2000 and is now a strategic supplier of DPCA. The two companies even have a joint R&D lab.

A spokesperson for WISCO's sales department said it sells steel to dozens of automakers in Wuhan and the surrounding area, greatly aided by low-cost water transportation on the Yangtze River.

Wuhan is not the only Chinese city switching to auto production. Upstream on the Yangtze, Chongqing has similar ambitions. Home to Changan Automobile and a new Beijing Hyundai plant, the southwestern city is working toward an annual capacity of 4 million cars by 2017. Other cities producing more than 1 million cars annually include Shanghai, Beijing, Changchun and Guangzhou, but overcapacity concerns are rising as the car market becomes saturated.

China sold more than 24.5 million cars in 2015, up 4.7 percent year-on-year, but that rate was down by 2.2 percentage points on 2014.

Yet there are still positive signs. Dong Yang, executive vice-chairman of the China Association of Automobile Manufacturers, cites low car ownership-only around 30 percent of Chinese families have a car-and anticipated future economic growth as mitigating factors against oversupply.

Preferential Tax Policies for Enterprises with Foreign Investment in Hubei province China

The preferential tax policies for enterprises with foreign investment (hereinafter referred to as EFI) include the following main items: preferential enterprise income tax rate, enterprise income tax reduction or exemption and import tariff and value added tax(VAT) exemption of imported equipment.

1. Preferential Enterprise Income Tax Policies
1.1 Preferential enterprise income tax rate
The income tax rate is 33 percent on usual for the EFIs in Hubei province. The preferential income tax was practiced in the following regions and industries.
A 15 percent enterprise income tax rate shall apply to the EFIs engaged in production and business operation or of a production nature:

• Located in the state-level Economic and Technological Development Zones and New and High Technology Industry Development Zones;
• Centering on infrastructure fields such as power, energy, transportation and communication, harbor and port, dock and wharf and other projects.

The 24 percent preferential income tax rate is applicable to: the production-natured EFIs in Wuhan, Huangshi and Yichang municipality.
The enterprises engaged in production and business operation or of a production nature include:
a. Technology-intensive or knowledge-intensive projects;
b. Energy industry(petroleum and natural gas exploitation not included);
c. Metallurgical, chemical and building materials industries;
d. Textile, packaging and other light industries;
e. Medical apparatus and instruments and pharmaceutical industries;
f. Agriculture, forestry, husbandry, fishery and water conservancy industries;
g. Construction industry;
h. Transportation and communication industry;
i. Service industry as science and technology development, geological prospecting, industrial information consulting and precision instruments maintenance and repair industries;
j. Other industries agreed by Ministry of Finance or State Administration of Taxation

1.2 Enterprise income tax reduction or exemption
Any EFI engaged in production or of a production nature intended to conduct business in China for at least 10 years shall, from its first profit making year, be entitled to two-year's income tax exemption adjoining three-year's 50 percent reduction.

Any EFI engaged in advanced technology intended to conduct business in China for at least 10 years shall, from its first profit making year, be entitled to two-year's income tax exemption adjoining six-year's 50 percent reduction, with the reduced tax rate not less than 10 percent.

Any Chinese foreign equity joint ventures undertaking port or dock construction with an operation period exceeding 15 years shall, from the first year of its making profits, be exempted from enterprise income tax for five consecutive years adjoining another six to ten years of 50 percent reduction.

1.3 Further enterprise income tax reduction or exemption
Any export-oriented EFI shall, after its expiration of exemption or reduction, be entitled to a further 50percent reduction on Enterprise Income Tax, provided that at least 70percent of its annual products have been exported. The reduced tax rate shall not below 10 percent.

Any EFI that belongs to the encouragement category and situated in Hubei province, shall be entitled a 50 percent reduction on Enterprise Income Tax, provided that at least 70percent of its annual products have been exported. The reduced tax rate shall not below 10 percent.

For those EFIs engaging in agriculture, forestry and husbandry shall, after its expiration of exemption or reduction, be entitled to a further ten-year's 15-30 percent reduction on Enterprise Income Tax, if approved by the State Administration of Taxation.

1.4 Further local income tax reduction or exemption
In Hubei province, after the expiration of the preferential local income tax: the export-oriented and advanced technology-oriented EFIs shall be entitled to nine years local income tax exemption；
the foreign enterprises invested in the infrastructure and basic industries as power and energy, transportation and communication, raw materials, development-oriented agriculture and social causes and the Sino-foreign joint ventures, Sino-foreign cooperatives and wholly foreign owned enterprises through utilizing and reforming the existing corporations shall be entitled to six-year's local income tax exemption.
Other foreign invested enterprises shall be exempted from local income tax for three years.
They can apply for further exemption once the exemption of local income taxes has expired.

Foreign investment in Hubei grow despite economic downturn

Foreign investment in Hubei in 2015 In 2015, the actual use of foreign investment in Hubei hit 8.95 billion US dollars, recording new high in history.

During the year, some 944 foreign-invested enterprises was registered in Hubei, up 17.85 percent on year, adding the total number of foreign-invested enterprises in Hubei to 8,646 units by the end of 2015.

Meanwhile, some 241 enterprises of the World Top 500 have set foot in Hubei by the end of 2015, ranking No.1 among China's central provinces.

By learning experience from Shanghai in pilot free trade zone development, Hubei has achieved fast expansion of use of foreign investment to energy, public infrastructure, transport, commercial trade, and information sectors, and increased use of foreign investment in emerging sectors like innovative investment, petty loans, financing and leasing, and warrant in recent years.

Meanwhile, foreign investment in Hubei has been used in new ways, such foreign capital mergers and acquisitions and capital and share increase. An increasing number of transnational enterprises have set up headquarters and R&D centers in Hubei, participating in construction of public science and technological service platforms. 

Favorable environment for foreign investment in Hubei

To create better environment for foreign investors, Hubei Province launched 137 reform and innovation programs in Wuhan Donghu high-tech zone, Xiangyang and Yichang, covering reforms of administrative procedure and government function, promotion of free investment, convenient trade, and innovation in technology and finance industries.

By implementing the replicable experience of Shanghai Free Trade Zone in pilot reforms, Hubei explored its own replicable and applicable experiences by adopting international norms for systems and mechanism. Hubei has been vigorously promoting construction of large channels, large platforms, and large clearances to prioritize its open tunnel to foreign investors. The Sino-Europe cargo train from Wuhan to Germany via West Asian countries has been a key logistic route between Asia and Europe with the second largest cargo delivery. The international direct flights setting off from Wuhan Tianhe Airport increased to 7 lines in 2010 to 39 lines in 2015, and the container express from Yangluo port to Japan and the Republic of Korea has been shortened to 7-8 days from 12-16 days.

Regional encouraging policies for foreign investment in Hubei

Wuhan, Jingmen, Xiangyang and other cities have adopted preferential policies on land, capital, taxation, finance and administrative approvals to attract investors. Wuhan Donghu National Innovation Demonstration Zone announced 10 preferential means to facilitate independent innovation in December 2014. The encouraging policies include establishing e-license mechanism, supporting the business pattern of "incubation+venture capital", and setting up entrepreneurship risk aiding fund.

Jingmen has promised to give prior support to projects in Jingmen Economic Development Zone in a bid to apply for national high-tech campaigns and win financial assistance.

Xiangyang municipal government has issued the Opinions for Promoting the Development of Equity Investment Industry, giving preferential policies to encourage equity investment companies and equity investment management companies registered in the city to invest in the automobile and parts, modern equipment manufacturing, new energy automobile, new energy and advanced materials, electronics and information, chemical and pharmaceutical, further processing of agricultural products, and other pillar industries.

Shiyan encourages financial institutions to set up branches in the city by offering financial incentives. Tianmen encourages industrial companies to launch their businesses in the city by reducing charges for administrative approvals and simplifying related procedures. -

Suggestions for foreign investment Hubei Province

is competitive in a bunch of industries, which may be among top choices for foreign investment. Automotive, metallurgy, machinery, power, chemical, electronics and information, textile, and building materials are the eight pillar industries of Hubei Province. As one of China's primary grain producing areas, the province has two agricultural bases namely Jianghan Plain and North Hubei Downland.

Additionally, Hubei takes the lead in terms of the R&D level and production capacity in the photoelectron information, advanced materials, bioengineering and advanced medical, aviation, laser, numerical control technology, computer software development, and other high-tech sectors across China. Currently, foreign investment in Hubei mainly focuses on manufacturing industry. To balance and expand use of foreign investment, Hubei Province may offer more favorable conditions to attract foreign investment in advanced manufacturing, high-tech, and modern service industries in future.

International friendship cities pump large investment to Wuhan

Source: hubei.gov.cn 11/15/2017 04:11:41

On November 15, the 3rd Investment Promotion Conference for Fortune Global 500 and World-Renowned Foreign Companies · International Friendship City Forum was held in Wuhan, capital city of central China’s Hubei Province.

27 projects relating to auto parts, biomedicine, high-end health care, e-business, internet of things, new energy vehicle, culture and education, were signed at the conference, worth 101.8 billion yuan (about 15.33 billion U.S. dollars). Among all, there are 14 foreign-invested projects (worth 21.23 billion yuan, about 3.197 U.S.dollars), eight sino-foreign coorperative projects (worth 8.015 billion yuan, about 1.207 billion U.S.dollars), and five overseas investment projects (worth 72.603 billion yuan, about 10.934 billion U.S.dollars).

As introduced, the 14 foreign-invested projects mark Wuhan's largest number of their kind in the activities of attracting investment this year. A batch of world-renowned companies like the leading global automotive supplier Inteva Products, LLC, Singapore listed-company CapitaLand and the multinational company Kerry Group are all ready to accelerate their development in Wuhan.

(hubei.gov.cn by Ruan Xinqi)

Zall, MIT to co-build Wuhan base for China Future City

Source: hubei.gov.cn 11/24/2017 04:11:31

photo source: www.cjn.cn

In recent days, Zall Holdings signed with Massachusetts Institute of Technology (MIT) in Boston, the United States, making itself the founding member of MIT China Future City Launch (MIT-CFC).

It is mutually agreed that the Wuhan base for MIT-CFC will be co-build to explore the problems and challenges as China urbanizing as well as to promote the innovation development of the city.

As introduced, the MIT-CFC aims to come up the innovative solution for the problems and challenges along with Chinese urbanization on the basis of MIT’s talent, academic and innovative advantages. The first expert team will arrive in Wuhan in January next year to carry out related work.

(hubei.gov.cn by Ruan Xinqi)

Wuhan’s outward-oriented economy sees rapid development

Source: hubei.gov.cn 12/01/2017 02:12:16

A cargo ship passing under the Second Yangtze River Bridge

Until November 29, the container throughput at the New Port of Wuhan reached 1,226,400 TEUs, achieving the annual target of 1,200,000 TEUs one month in advance.

The Wuhan New Port, which annually handles more than 80 percent of the province's imported and exported goods, is considered the wind vane of the outward-oriented economy of Hubei and especially the city of Wuhan.

According to statistics, from January to October this year, the total volume of Wuhan's imports and exports reached 157.95 billion yuan, increasing by 25.4 percent, which accounts for 60 percent of Hubei Province's foreign trade. (hubei.gov.cn)

Hubei reports the employment status of foreign residents

Source: hubei.gov.cn 01/09/2018 04:01:26

The number of permanent foreign residents in Hubei has reached 19 million. During past five years, a total of 1,724 foreigners came to Hubei to seek career opportunities from 82 countries which spreads over five continents all over the world, most of them were engaged in the automotive industry, according to a report released by the Hubei Department of Human Resources and Social Security recently.

The report also shows that Japan, South Korea, United States, India, France, Canada, Thailand, Singapore, Philippines and Italy are the top ten source countries with 57 percent of the foreigners are of Asian origin; 81 percent of the foreigners are residing in Wuhan, followed by Yichang and Xiangyang cities; 25 percent of them are working in the automotive industry, topping the hotel and catering industry (18 percent), the mechanical and computer industry (17 percent) and other fields like trade, biomedicine, education, culture & sports and tourism; private enterprises, foreign - funded enterprises and joint ventures are the top three that attracts foreigners to take jobs and start business, accounting for 44 percent, 36 percent and 12 percent, respectively .

(hubei.gov.cn by Ruan Xinqi)

GAC builds passenger car plant in Hubei, Central China

Source: hubei.gov.cn 01/10/2018 03:01:51

Guangzhou Automobile Group Co Ltd (GAC Group) on January 8 started construction work on a factory in Central China's Hubei province.

The assembly plant in the city of Yichang is designed to have an annual production capacity of 200,000 units, said the GAC Group.

GAC has joint ventures with overseas carmakers including Toyota, Honda and Fiat Chrysler, but the factory will produce GAC vehicles.

Covering an area of 93 hectares and with an investment of 3.5 billion yuan ($540 million), the plant is scheduled to start operations in June 2019.

The local government will work with GAC on an auto parts industrial park. In the next three to five years, the two sides will build a modern motor vehicle manufacturing base with planned annual output of 100 billion yuan.

Hubei, a promising land attracting investment from home and abroad

Source: hubei.gov.cn 01/16/2018 04:01:12

In 2017, the number of world’s top 500 companies in Hubei was brought up to 267 as 13 new comers settled in the year, according to the province’s trade conference on January 15, 2018.

In the first 11 months of 2017, Hubei signed 4,586 projects above 100 million yuan, totalling 3.9 trillion yuan, started 3,492 projects above 100 million yuan, totalling 1.8 trillion yuan, according to the conference.

Since unveiled on April 1, the Hubei Free Trade Zone had attracted 8,105 new companies by the end of November. The high-end industries like optoelectronics, biomedicine and new energy vehicles kept mounting here.

The improving customs policies spurred the growth of foreign investment in Hubei. By the end of 2017, Hubei has opened 58 international and regional passenger and cargo air lines and the routes for China (Wuhan) -Europe freight trains added up to 16, covering 28 countries and more than 60 cities.

The conference also revealed that, in 2017, the total retail sales of consumer goods in the province exceeded 1.57 trillion yuan; the imports and exports rose by 20.6 percent; in the first 11 months, the value of the newly signed contracts for foreign engineering projects reached 12.02 billion U.S.dollars, ranking the third place nationwide.

(hubei.gov.cn by Ruan Xinqi)

Wuhan among China's top 15 'new first-tier' cities

Source: China Daily 05/15/2017 03:05:05

Visitors enjoy blooming sakura in Wuhan University in Hubei province, March 18, 2017. [Photo/VCG]

A total of 15 cities have joined the club of China's new first-tier cities due to their commercial charm, according to a report by the China Business Network (CBN) Co Ltd.

The ranking, released by CBNweekly magazine on May 7, assesses commercial attraction of 338 cities based on five indicators: concentration of commercial resources, city's pivotability, citizen vitality, variety of lifestyle, and flexibility in the future.

The list includes four first-tier cities (Beijing, Shanghai, Guangzhou and Shenzhen), 15 new first-tier cities, 30 second-tier cities, 70 third-tier cities, 90 fourth-tier cities and 129 fifth-tier cities.

The 15 new first-tier cities are Chengdu, Hangzhou, Wuhan, Tianjin, Nanjing, Chongqing, Xi'an, Changsha, Qingdao, Shenyang, Dalian, Xiamen, Suzhou, Ningbo.

Florence Town Outlets opens in Wuhan, Hubei

Source: hubei.gov.cn 07/06/2017 05:07:13

Italian-style shopping centre Wuhan Florence Town Outlets opened on July 5, 2017. This is the first Florence Town Outlets in central China and the fifth nationwide, following that in Tianjin, Shanghai, Guangzhou and Hong Kong.

Situated in the Gedian Development Zone in Ezhou, the Florence Town is a perfect replica of the historical Italian town with classical elements such as square, gallery, fountain and memorial architecture. With an investment of one billion yuan, it covers an area of around 120,000 square meters. Over 200 world famous brands can be purchased in the plaza.

According to Maurizio Lupi, managing director of Florence Town and RDM Asia, the opening of Wuhan Florence Town Outlets is a milestone in economic and trade cooperation and cultural exchanges between China and Italy.

(hubei.gov.cn Mao Huifang)

Silicon Valley incubator Plug & Play cooperates with WEDZ

Source: hubei.gov.cn 08/01/2017 05:08:38

The leading Silicon Valley incubator Plug & Play (PNP) signed a deal with the business incubation center of Wuhan Economic & Technological Development Zone (WEDZ) to jointly build a cross-border incubation platform on July 31, 2017.

Xu Jieping, PNP's head in China, said the incubator chose WEDZ due to its rich resources in automobile industry. The PNP Incubator will help nurture startups in WEDZ by injecting over 1 billion yuan of industrial fund.

Plug & Play is a famous startup incubator in Silicon Valley. It has incubated and invested in more than 6000 startups since 1998, including star enterprises like Google, Paypal and Logitech. At present, 200 local startups have graduated from PNP technological incubators and accelerators in eight Chinese cities, namely, Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, Zhengzhou, Chongqing and Xi'an.

(hubei.gov.cn by Mao Huifang)

Projects valuing 106.3 bln yuan signed between Hubei and Hong Kong enterprises

Source: hubei.gov.cn 08/17/2017 03:08:15

On August 16, the 2017 Conference on Hubei-Hong Kong Economic Cooperation and China (Hubei) Pilot Free Trade Zone Promotion was held at the Hong Kong Exhibition and Conference Center.

Hubei promoted 282 high-quality projects during the conference, covering areas such as new energies, electronic information, biomedicine, food and logistics.

At the signing ceremony, 20 projects valuing 106.3 billion yuan were signed between Hubei and Hong Kong enterprises, including the Shimao Group’s project in the Caidian district of Wuhan (8 billion yuan) and the CR Power Holdings’ project in Zaoyang City (1.2 billion yuan).

The China (Hubei) Pilot Free Trade Zone was promoted for the first time during the conference.

Related: 31 major projects signed at 2017 Conference on Hubei-Guangdong Economic Cooperation

(hubei.gov.cn by Ruan Xinqi)

Optics Valley kicks off 3551 International Innovation and Entrepreneurship Competition

Source: hubei.gov.cn 08/18/2017 05:08:59

The Yellow Crane Cup · Entrepreneur Valley of the World - Optics Valley of China 3551 International Innovation and Entrepreneurship Competition was inaugurated on August 17 in Beijing.

This year, the competition will tour to seven cities around the world, including the Silicon Valley (United States), London (England) , Beijing, Shanghai, Shenzhen, Hangzhou and Wuhan.

The competition mainly faces the emerging strategic industries, such as the optoelectronic information, bio-medicine, intelligent manufacturing, new energy, energy consumption and environmental protection, internet, integrated circuit and the e-economy. Eight projects will compete at the final for a reward of 100,000 - 1,000,000 yuan.

According to the Talent Office of the East Lake High-Tech Development Zone, the Optical Valley will create a special fund of 10 billion yuan to seek project researchers and teams around the world.

At the inauguration ceremony, six entrepreneurs, including CEO of Qihoo 360 Zhou Hongyi, founder of ERenEBen Jiang Yufei and the founder of Time & Space Li Hansheng, were recruited as the "Optics Valley Talent Ambassadors".

The Talent Office of the East Lake High-Tech Development Zone has also co-operated with Times & Space and 91maker.com to create the 3551 Optics Valley Talent Base in Beijing.

(hubei.gov.cn by Ruan Xinqi)

Hubei export-oriented economy maintains strong momentum of growth

Source: hubei.gov.cn 08/22/2017 05:08:52

From January to Julay this year, Hubei export-oriented economy maintained a strong momentum of growth, said the Department of Commerce of Hubei Province on August 21, 2017.

In the seven months, Hubei gained 145.24 billion yuan in exports and imports, up 6.5 percent year on year, especially, the former of which contributed 97.01 billion yuan with a year-on-year increase of 10.6 percent, both ranking the country’s fourth and central China’s second place in terms of the growth rate.

During the period, 138 new foreign-funded enterprises set up in Hubei, accounting for an actual used foreign capital of 5.93 billion U.S.dollars, up 12.9 percent. It was reported that more than 60 percent of the foreign capital flowed to the secondary industry as well as the competitive industries involving auto and parts, biomedicine, etc.

Wuhan, the capital city of Hubei, enjoyed more than 60 percent of the whole foreign investment while Asia, remained the place where most of the foreign investment came from. In addition, the world’s top 500 companies in Hubei amounted to 167, the most in central China.

The seven months also witnessed Hubei’s new overseas enterprises -- more than 60 -- doubling foreign investment to over 800 million U.S.dollars.

During the first seven months this year, Hubei added its international air routes to 41, the shifts of China-Europe (Wuhan) freight train to 133 and the designated ports for importing special products of all types to 9.

Related: Hubei's foreign trade up 22.8% in the first five months of 2017

(hubei.gov.cn by Ruan Xinqi)

Kautex plant put into operation in Wuhan

Source: hubei.gov.cn 03/30/2017 03:03:12

On March 29, Kautex, a German automotive company, held the opening ceremony for its new plant in the Wuhan Economic and Technological Development Zone, in Hannan District, Wuhan, capital city of central China’s Hubei Province.

Kautex is the world’s first company starting the production of plastic fuel system. It has 32 plants around 14 countries, including five in China (Shanghai, Guangzhou, Changchun, Chongqing and Wuhan).

According to J?rg Rautenstrauch, CEO of Kautex, the main product of Wuhan plant is automotive plastic fuel tank with lighter weight and less emissions.

With the commissioning of this plant, the automotive industry is more perfected in the Wuhan Economic and Technological Development Zone, which is already home to seven car companies and 12 auto factories as well as more than 500 companies producing auto spare parts.

Related:

German auto parts supplier Webasto plans China's largest sunroof plant in Wuhan

German car roof system maker Webasto Group will build a factory in central China to produce 1 million sunroofs a year, its largest such facility in the country, local government sources said on March 26, 2017. >>more

(hubei.gov.cn by Ruan Xinqi)

Walmart to open 15 stores in Hubei within three years

Source: hubei.gov.cn 03/31/2017 04:03:20

Walmart, the world's largest chain retailer, signed a memorandum of strategic cooperation with Hubei on March 30, planning to open 15 new stores and create 6,000 jobs for Hubei within the following three years.

According to the memorandum, Walmart will expand investment and carry out cocoperation with Hubei in local procurement, e-commerce, energy saving, corporate social responsibility and other fields.

Since 2004 Walmart entered Hubei, it has opened 30 stores, including the Sam's Club. And last year, Walmart achieved its best performance in China in nearly five years.

Related:

Walmart to start distribution center in Wuhan

The new distribution center of U.S.-based retailer Wal-Mart in Wuhan, capital city of central China’s Hubei Province, was officially put into operation on August 13, 2013. >>more

(hubei.gov.cn by Ruan Xinqi)

Valeo research center (China) sites in Wuhan

Source: hubei.gov.cn 04/06/2017 05:04:00

Valeo, a famous French auto parts maker, signed with Wuhan Economic and Technological Development Zone (Hannan District) to settle down its first reseach center in China, on April 5, 2017.

with a total investment of 55 million yuan, the research center plans to build laboratories for optics, electronics and imitation experiment. In addition to the production of car lights, it will also focus on the development of advanced technologies like automatic parking, driving support, human-computer interaction, etc.

At present, Valeo has two plants in Wuhan, specializing in car lights and front-end modules, respectively. The lights plant entered in Wuhan in 1995 and serve for Audi, BMW, Volkswagen, Dongfeng Honda and other brands while the second plant was operational in March 2016 with productions mainly supplying Dongfeng Honda.

The entry of research and development projects as the Valeo reseach center will drive the iterative update of automobile industry, said a responsible officer of Wuhan Economic and Technological Development Zone (Hannan District).

Related:

Valeo's new plant in Wuhan put into operation

Valeo, a famous French auto parts maker, launched its new plant in Wuhan Economic & Technological Development Zone on March 24, refreshed the construction speed of new plant in Wuhan auto industry. >>more

(hubei.gov.cn by Ruan Xinqi)

The foreign-funded enterprises in Hubei exceed 9,000

Source: hubei.gov.cn 04/10/2017 03:04:50

The development of foreign-funded enterprises in Hubei got off to a flying start in the first quarter of 2017: foreign-funded enterprises increased by 201, including 74 incorporated enterprises, up 31.37 percent and 76.39 percent, respectively; registered capital increased by 1.18 billion U.S.dollars, including paid-in capital of 1.003 billion U.S.dollars, up 144.05 percent and 165.92 percent, respectively, said the Hubei Administration for Industry and Commerce on April 9, 2017.

According to the official data, the foreign-funded enterprises in Hubei have amounted to 9,062 with registered capital of 52.93 billion U.S.dollars (including paid-in capital of 40.25 billion U.S.dollars).

It shows that foreign capital has more confidence in Hubei's investment environment with the implementation of a series of favorable policies, said a related official of the department.

In terms of industry, 175 new registered enterprises could be classified as tertiary industry, which enjoyed a registered capital of 1.016 billion U.S.dollars, accounting for 87.06 percent and 86.06 percent of their total amount, respectively.

Related:

Hubei sees 19.6 percent up for foreign trade in 2017 first two months

In January and February 2017, Hubei's total import and export volume reached 40.92 billion yuan, an increase of 19.6 percent year on year, Wuhan Customs announced on March 13, 2017. >>more

Wuhan National Space Industry Base starts construction

Source: hubei.gov.cn 04/25/2017 04:04:37

China's first commercial space industry base officially started construction in Wuhan, capital city of central China's Hubei province, on April 24, 2017.

Three space enterprises, including the affiliated enterprise of China Aerospace Science & Industry Corp., signed with local government to settle in the base at the forum of China's Space Day.

According to the agreement, three projects relating to building centers for rocket assembly, battery protection materials and high-end iron core are expected to see substantial progress.

As the core project, the rocket assemble center will be built on an area of 450 mu with a total investment of 1.7 billion yuan for the first phase. It plans to establish an annual production capacity of 20 carrier rockets after completion.

Related:

Wuhan National Space Industry Base starts construction

At present, China is laying out three state-level industry bases in Wuhan, capital city of central China's Hubei Province, to develop memory, commercial space and new energy vehicle (intelligent connected vehicle) industries. >>more

(hubei.gov.cn by Ruan Xinqi)