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Business / Economy

Global investors shift their focus inland

By Li Jiabao in Beijing and Li Yu in Chengdu (China Daily) Updated: 2014-02-14 07:18

Global investors shift their focus inland

The Yingkoumen overpass is seen under construction in 2013 in Chengdu, capital of Sichuan province in western China. Li Hualiang / Xinhua

China's western region, which has lagged behind eastern coastal provinces during the decades of reform and opening-up, is quickly catching up, report Li Jiabao in Beijing and Li Yu in Chengdu

Better infrastructure, a wealth of business opportunities and untapped consumer markets are drawing global investors to China's inland areas.

Making the region more attractive is part of the central government's drive to lift living standards and develop the economies of the central and western provinces.

Many multinationals say the government's policy is succeeding.

Philips Greater China Chairman Kong Xianghui said in written comments to China Daily that China's western region is a strategic priority in the government's development agenda.

"With its increasing importance, its faster urbanization and better infrastructure, living standards in this vast area are improving. There are tremendous business opportunities being unlocked in the western region, one of the key engines driving the continuous development of China's economy," Kong said.

In Chengdu, capital of Sichuan province, the local government's support of innovative concepts and technology to create an environmentally friendly, smart and harmonious city "are recognized and welcomed by international companies", Kong added.

"We're strongly impressed and encouraged by the investment environment, innovation-promoting incentives, wealth of talent, tremendous business opportunities and unique cultural connotations of Chengdu," Kong said.

China's strategic importance has been growing on Philips' global business landscape. In 2010, Philips announced a plan to build China into another "Home Market", in addition to the United States and the company's home base in the Netherlands

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