A conference promoting investment in Zhanjiang, held in Shenzhen on September 2, has managed to lure a swathe of new investment to the coastal city in Guangdong.
Companies in Shenzhen signed 21 projects worth RMB 14.8 billion (USD 2.21 billion), in advanced manufacturing, financial services, medicine, logistics, and tourism. Zhanjiang Mayor Wang Zhongbing gave a speech in Shenzhen saying that Zhanjiang has become one of the most important export destinations for Shenzhen's industrial transfer.
Zhanjiang, is ideally in southwestern Guangdong, close to Guangxi and Hainan, and is one of 14 coastal cities open to foreign investment. Wang said the city's development was once behind other cities, but is now facing a new opportunities with the Belt and Road Initiative. As one of the strategic cities in the initiative, Zhanjiang's construction projects and investment are at record levels, said Wang.
Two particular powerhouses pushing development are petrochemical giant, Baosteel Group, and papermaker Chenming Group. Steel is also one of Zhejiang's biggest industries. Wei Hongguang, the city's Party secretary, said these three industries will bring new opportunities to the city as a whole. Wei said the city is also growing its transportation network, linking air, land and sea traffic. A high-speed rail line from Guangzhou to Zhanjiang is scheduled for completion in 2017, connecting to Shenzhen through the Guangzhou-Shenzhen high speed railway. It will be followed shortly by an international airport in 2018.
"The transportation network will provide strong support to companies' development in the city," Wei added.
Chen Yi, chief executive officer of Shenzhen-based audio technology company Redx, said they had invested RMB 200 million in Zhanjiang so far, with the first stage of its project set for completion next August. Chen plans to establish a 500,000-square-meter manufacturing base in the city in next five years with a total investment of 1.2 billion yuan, and the gross value of its production exceeding RMB 2 billion annually.