Rizhao, a coastal city in East China's Shandong province, is becoming an increasingly attractive destination for foreign investment thanks to its favorable business environment and efforts to further open up to the outside world.

In Rizhao economic development zone, Asia Symbol (Shandong) Paper Co Ltd, a subsidiary of Singapore-based industrial company Royal Golden Eagle, recently has completed its final approval for a new project with an investment of 15 billion yuan ($2.08 billion).

Upon completion, the area is expected to developed into an integrated production base of forestry pulp, paper and fiber with a target annual output value of 40 billion yuan.

It is the 27th investment by the Royal Golden Eagle in Rizhao. As one of the world's leading paper producers, the company began its operations in Rizhao in 2005, as part of its plan to lay out its global industrial chains.

"With Rizhao, we highly appreciate the strategic location and healthy business environment," said Li Runming, Party secretary of Asia Symbol (Shandong) Paper Co Ltd.

Rizhao Port is China's largest wood chip import hub, with its annual throughput ranking eighth in the world. Leveraging this advantage, Royal Golden Eagle established a factory in the city which greatly reduces transportation costs.

The Asia Symbol (Shandong) Paper Co Ltd has now grown from a single pulp factory into a company engaged in every aspect of the pulp and paper industrial chain and propelled the coordinated development of over 500 companies in Rizhao.

As a flourishing port city, Rizhao is a national logistics hub integrating port functionality, aviation, expressways, high-speed railway, and heavy-haul railways. Rizhao Port has opened cargo routes connecting ports in over 100 countries.

Furthermore, the Rizhao government has implemented measures to foster a favorable environment for foreign companies, such as streamlining approval procedures and assigning dedicated liaisons to assist in resolving startup-related issues encountered by companies.

Statistics show that in 2023, Rizhao achieved a foreign trade volume of 134 billion yuan, with actual use of foreign capital totaling $455 million. By the end of 2023, the number of foreign-invested enterprises had reached 1,409 in Rizhao.