Deals worth 5b yuan signed in Xinwu

A total of 12 key economic projects are signed in Hongshan sub-district, Xinwu district, Wuxi on June 10. [Photo/WeChat account: xinwu_wx]

A signing ceremony for 12 key economic projects was held in Hongshan sub-district, Xinwu district, Wuxi on June 10.

With total investment exceeding 5 billion yuan ($708 million), the 12 projects are expected to become new driving forces for business development in Xinwu.

The projects, focusing on high-end equipment manufacturing, internet of things (IoT) and auto parts, are partially funded by foreign capital from companies engaged in manufacturing and R&D and are also being assisted by State-owned companies engaged in artificial intelligence and IoT.

Wuxi Lintex Auto Parts Co, which expanded its investment in Hongshan during the signing ceremony, is expected to lead independent manufacturing and R&D on wet friction plates and dual plates used for automatic transmissions.

After reaching their intended capacity, the projects will increase annual sales by 8.8 billion yuan and tax revenue by nearly 600 million yuan, which will help Hongshan sub-district to further expand its pillar industrial chains and develop advantages to build industrial clusters for industrial upgrading.