Construction is now in full swing with excavators and bulldozers working intensively at the premises of Runtai Chemical Co Ltd – in the Taixing Economic Development Zone in East China's Jiangsu province.
Runtai Chemical is a high-tech enterprise which produces and sells environment-friendly film forming auxiliaries for water-borne coating. In 2022, it invested 1.06 billion yuan ($154.34 million) in the second phase of a project in the zone to develop water-borne coating and high temperature boiling-point solvent products that achieve less pollution.
The project is expected to start operation in December this year and is projected to generate output of 110,000 metric tons of water-borne coating products and 90,000 tons of high boiling solvents, said company deputy general manager Song Wenguo. He added that the annual output value would ramp up to 3 billion yuan and tax revenue up to 150 million yuan.
Runtai has performed strongly since settling in Taixing city – getting nearly 60 percent of the top 100 Chinese coating enterprises to become its clients.
Song said that result was due to its great service, as well as efficient transportation and extensive marketing.
Jiangsu Nanji Machinery Co Ltd – one of the local longstanding resident enterprises – is another example that shows the enthusiasm for investment of enterprises in response to the local government's solid support of the business environment.
Nanji invested 500 million yuan in transforming a ship ballast water management system and set up two intelligent production workshops in 2022. Zhang Fuqiang, head of the transformation project noted that after reaching the designed production capacity, the annual output value would reach 500 million yuan.
In 2022, Taixing focused on industrial projects and the transformation of existing enterprises. It has accumulatively completed the redemption of coupons valued 73.88 million yuan for the technical upgrading of 75 enterprises in the last consecutive three years, getting enterprises to invest over 1 billion yuan for their technical upgrading.