Shanxi province in North China recently formulated its 2023 investment promotion action plan, proposing that the province will complete an annual investment of 1.2 trillion yuan ($174.36 billion) in introduced projects this year.

According to the action plan, Shanxi will give full play to its advantages in terms of resources, location and development potential to integrate itself into regional development.

It will focus on fields such as new materials, high-end equipment manufacturing, semiconductors and modern medicine, aiming to introduce enterprises into China's top 500 private companies list in the Beijing-Tianjin-Hebei region.

In the Yangtze River Delta region, efforts will be made to help Shanxi enterprises based outside of Shanxi to invest in their hometown. With the help of the China International Import Expo, the province will hold promotional conferences on investment cooperation in key industries and foreign investment promotion and exchange meetings with a focus on  fields including digital economy, smart manufacturing, and modern medicine.

As for the Guangdong-Hong Kong-Macao Greater Bay Area, it will target strategic emerging manufacturing, future industries and next-generation information technology through a series of investment promotion activities.

In addition to domestic investment, Shanxi is also expected to attract foreign capital. Relying on large-scale international economic and trade exchange platforms, investment promotion activities in key overseas countries and regions will be carried out to attract foreign-funded enterprises to set up operations in Shanxi.

In 2022, Shanxi signed 3,574 investment promotion projects worth over 1.7 trillion yuan into effect. This year, Shanxi will continue to further promote investment in key industrial chains including new energy vehicles, wind power equipment, and hydrogen energy.

Additionally, leaning into its abundant tourist attractions including the Yellow River, the Great Wall and the Taihang Mountains, efforts will be made to construct Taiyuan-Xinzhou Integrated Economic Zone into a world-class tourism and health destination and leading scenic spot, as well as to hold activities including the 8th Shanxi Tourism Development Conference and 2023 China Shanxi (Jincheng) Healthcare Industry Development Conference.

What's more, Shanxi will strive to build and publicize local brands featuring special products, such as Xinghuacun Fenjiu and Huairen ceramics.