Chengdu’s June News

Sunday, July 8, 2007 11:32
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I would like to thank my friends in the Chengdu Foreign Investment Dept for sending along their recent news. Their department has just undergone a complete overhaul, and so has the website (two thumbs up).

1. Fifth China InternationalAuto Accessories and Customization Expo, the third China International Customization Auto Appraisal will be held in Chengdu from August 18 to 20. It is the first time for the expo to be held in the Southwestern region. The estimated exhibition space is 20,000 m2.

2. 120 Fortune Global 500 settled in Chengdu

According to the latest information from Commercial Bureau on June 14, after Dutch TNT POST and French Hennessy have settled in Chengdu, the total number of Fortune Global 500 companies in Chengdu is 120 by the end of May, 2007.

3. No.1 barn in western China will be constructed this year
On June 15, Chengdu Cereal and Oil storage Co. Ltd. held a signing ceremony in Qingbaijiang district for its RMB400million storage center project. This massive modern storage center project is an integration of storage, processing, logistics, trading and information platform, which will be launched within this year and start operation in June, 2009. The estimated yearly sales revenue is RMB180million. This center will not only be the biggest barn in western China to ensure grain safety of Chengdu and Sichuan province, but also be the driven force of local cereal and oil production/processing development and be part of one of the five biggest national cereal and oil passage—mid-down stream of Yangtse river.

4. Investment for 12 key agriculture industries are encouraged
On June 15, Guidance of Chengdu Modern Agriculture Development and Investment was issued by Chengdu municipal government. It illustrated systematically and comprehensively about the key industries and areas encouraged for investment, along with supporting policies.

The 12 key industries include advantageous traditional fundamental agriculture industries with certain scale, such as cereal and oil, livestock and poultry, vegetables(eatable mushrooms), flower, fruit, tea and mulberry, aquatic product, bamboo and Chinese herbs; and new agriculture forms which are adapted to modern agriculture development, such as agriculture products processing, agriculture logistics, and sightseeing agriculture.

5. Chengdu was approved to establish a national bioindustry base
During the first China Bioindustry Conference held in Shijiazhuang of Hebei Province on June 16, 9 cities including Chengdu were formally approved by the State Development and Reform Commission to establish the national bioindustry base. So far the number of the national bases approved is 12. 6. Media Magnate WPP accelerates its development in Chengdu

On June 19, Deputy Mayor He Huazhang met WPP’s Global CEO, Mr Martin Sorrell, and his party.

Mr. Martin expressed that, WPP pays very attention to the development of West China especially that of Chengdu, and hopes to cooperate with Chengdu Media Group and Chengdu Metro Company in the fields of culture, tourism, publicity and creation industries.

7. Ito Yokado wants to open one outlet per year in Chengdu
On June 19, Chengdu Ito Yokado’s board chairman revealed that, Ito Yokado will fully accelerate the expansion plan of opening outlets in Chengdu market. It will keeps an expansion speed of opening one store each year if conditions are mature, and have 6 stores by 2010.

8. Chengdu banking entered into market segmentation times
On June 19, Evergrowing Bank Chengdu Branch officially started business, which acts as a bridgehead of its expansion into central and western China.

So far, Chengdu has 4 state-owned commercial banks, 3 policy banks, 11 joint-stock commercial banks, 1 city commercial bank, 1 rural credit cooperatives and 7 foreign-capital banks, a total of 27 banking organizations. Chengdu’s banking has not only the most complete categories and biggest number in West China, but also higher accommodation and market segmentation, and its structure tends to be more rational.

9. Belgium’s Crown Prince Philippe visited Chengdu
On June 21, Belgium’s Grown Prince Philippe and Crown Princess Mathilde, leading a large trading delegation, arrived in Chengdu and started their two-day visit to Sichuan.
During the China Sichuan – Belgium Economic & Trade Cooperation Conference held on the same day, more than 50 Belgian entrepreneurs from fields of banking, insurance, consulting, law, pharmacy and logistics have vast contact with over 60 company representatives from Chengdu and Sichuan.

10. Sino-Israel incubator Chengdu Project put into operation
On June 21, Chengdu’s first Sino-Israel international cooperation platform of science and technology –Chengdu Project of Sino-Israel Incubator was officially put into operation. It was reported that this incubator will speed the transference, cooperation, incubation of scientific projects between Israel and Chengdu, serve as a platform for Chengdu companies to enter into occidental markets, while push Chengdu’s strategy of constructing international incubator into a new level.

11. Hong Kong Day held in Chengdu
On June 21, the Hong Kong Day, a grand celebration organized by Chengdu Trade Office of Hong Kong SAR Government, was held in Chengdu, with Tang Yingnian, Financial Secretary of Hong Kong government, presented.

As a key part of this event, Hong Kong Professional Service Forum was held on the same day, to introduce Hong Kong’s specialized services and promote trade communications between Hong Kong and central and western regions.

12. Suggestions on Chengdu service outsourcing development by Chengdu municipal government issued
Suggestions on Chengdu service outsourcing development by Chengdu municipal government was officially issued on June 21. Two main areas are targeted and from a series of preferential policies. Chengdu plans to attract oversea and domestic companies for service outsourcing and becomes a well-known service outsourcing base nationwide and worldwide.

The two main targeted areas are: to contract the FOB outsourcing within multinationals and explore service outsourcing of domestic companies.

13. Suiyu Expressway opens in October, 2.5 hours’ traffic from Chengdu to Chognqing
It was known from Sichuan Expressway Construction Corporation on June 23 that, Suiyu Expressway will be open to traffic this October, with 120 kmph speed limit, which will be another fast shortcut between Chengdu and Chongqing. At that time, it will only take 2.5 hours driving from Chengdu to Chongqing, which is even half hour earlier than the estimated 3-hour travel time by the upcoming Pioneer intercity motor trains.

14. Chengdu entered China’s ten most investable cities’ list
On June 25, Public Appraisal for Best Chinese Cities for Investment 2007 was held grandly, sponsored by four authority organizations including the city development and environment research center of Chinese Academy of Social Sciences, Hong Kong Institute of Real Estate and City Development. 10 cities including Chengdu, Shenzhen, Hangzhou and Suzhou were honorably chosen as ten best cities for investment from overall 280 Chinese cities.

15. German Minister of Economics and technology visited China, starting from Chengdu
On June 25, a large German business delegation, led by Michael Glos, Minister of Economics and Technology, arrived in Chengdu, the first stop in their visit to China. Delegation members include 30 top executives representing various domains from different regions of Germany. This visit was for the purpose to learn about the investment environment of Sichuan, and seek development and cooperation opportunities in western China for German companies.

16. High-tech Zone became OCAOSC’s Key Contact Unit for attraction of intelligence and capital
On June 25, Chengdu High-Tech Zone formally became the Key Contact Unit of Overseas Chinese Affaires Office of the State Council for Attraction of Intelligence and Capital. From this date, the OCAOSC will give keen support to Chengdu High-tech Zone in its attracting overseas talents, technology and capital.

17 . CCBC’s President Marchi visited Chengdu
On June 25, Ge Honglin, Deputy Secretary of the CPC Chengdu Municipal Committee and Mayor met Mr. Marchi, President of Canada China Business Council, and his party.
It was reported that Marchi’s visit to China was to look for potential opportunities for Canadian companies to participate in the great development of West China. Chengdu, as an economically most active city in the West, was his premier choice for his first visit to the West.

18. France will help to train export professionals for agro products
On June 25, the chief of Agricultural Cooperation Union of Languedoc-Roussillon and AGRO Montpellier of France signed a cooperation memorandum with Chengdu municipal agriculture commission, which confirmed their cooperation and exchange projects for the coming five years.

It includes the constructing of the rural cooperative quality control organization, and training of export professionals for agro-products, to help Chengdu’s products smoothly exported to European market.

19. Spanish King visited Chengdu
Spanish King Juan Carlos and Queen Sofia arrived in Chengdu on June 28th, and started the visit to Sichuan with a delegation of around 100 people. King Carlos hopes to know about Sichuan economic and social development, and western china development strategy execution through this visit. He also attended “Sichuan—Spain economy talk” on 29th morning.

King Carlos was invited by President Hu Jintao for state visit, which started from June 24 till 29 and stopped in Shanghai, Beijing and Chengdu.

20.Global Boeing 787 rudder made in Chengdu
On June 28, Chengdu Aircraft Industrial Group delivered the first rudder produced for Boeing 787, which was its first direct cooperation realized with Boeing, its first time to be a venture partner with a world-class aviation producer, and the first time to become a global sole supplier even during R&D period.

Boeing 787 rudder is the biggest composite parts contracted by China, which requires very high technique and management standard. After several rounds of selection for Chinese main aviation companies, Boeing finally chose Chengdu Aircraft Industrial Group as global sole rudder supplier.

As a project director of Boeing Commercial Airplanes revealed, Boeing expected to produce two Boeing 787 per month and 10 by 2010, whose rudders will be all produced by Chengdu Aircraft Industrial.

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