Over the past year, the city of Jining in Shandong province has achieved a historic breakthrough in attracting investment, significantly driving its high-quality economic development.

Data show that the city signed contracts for 613 projects with investment exceeding 100 million yuan ($13.89 million) in 2023, including seven projects with more than 10 billion yuan in investment and 12 projects with more than 5 billion yuan in investment. Jining has utilized actual foreign investment of $1.067 billion, with 13 manufacturing projects attracting tens of millions of dollars in investment.

In recent years, Jining has explored multiple ways to attract investment, focusing on advanced manufacturing, modern ports and logistics, and leading industries in counties and districts, and attracting a number of mega projects.

After two years and more than 40 negotiations, the first phase of CATL's project in Jining, with an investment of 21 billion yuan, involves batteries, photovoltaics, battery swapping, energy storage and shipbuilding. It commenced construction in July last year, attracting 17 projects along the industrial chain.

Others include the engineering machinery vehicle project of Great Wall Motor's new energy plant, which will start construction by the end of February, and the 10.6-billion-yuan global intelligent manufacturing base of Komatsu, attracting six Japanese and two Chinese enterprises. Leveraging the advantages of the coal chemical industry, HengXin Group has introduced five projects in the ethanol and biodegradable plastics industrial chain, building the longest coal-based chemical industrial chain in the country.

Adhering to a high level of openness, Jining has accelerated the expansion of new space for industrial development. It has held four investment promotion conferences in Beijing, Hangzhou, Shenzhen and Shanghai.

An aerial view of Jining city in East China's Shandong province.[Photo/CFP]