The city of Wuxi announces on Sept 7, 2015 that its new district is getting a polarized film project worth $340 million from Samsung SDI, a subsidiary of South Korea's Samsung Group, which is a global leader in polarized film, small-sized Li-ion batteries and automobile batteries. [Photo/wxrb.com]

Wuxi brought in 20.32 billion yuan ($3.12 billion) in foreign investment in 2015, up 3.03 percent year on year and ranking third in the province, according to the city's business bureau.

In 2015, the city attracted 46 foreign capital projects, each worth more than $30 million. A total of 32 advanced manufacturing projects accounted for more than 69 percent of investment, however real estate projects fell from 15 to just two percent.

Due to the lack of land inventory, the city has focused recently on optimizing the foreign investment structure, cutting new real estate projects in favor of advanced manufacturing projects. The electronic industry served as a highlight last year with various major projects being introduced, including a polarized film project worth $340 million from Samsung SDI and a semiconductor project worth $300 million from Infineon Technologies AG.

"Last year, our major projects were worth $96 million on average," said a business bureau official. "The project quality improvement generally drives the activation of the industrial chain investment as well as boost resource utilization."

Jiangsu Changjiang Electronics Technology, a national key high-tech enterprise located in Wuxi, bought out a Singaporean company for $780 million, obtaining its advanced technology, professional team and product line, greatly improving the city's IC manufacturing industry. Statistics show that the disbursement of foreign capital in the local manufacturing industry rose by 10.96 percent and accounted for 58.7 percent in all industries.

Besides the growth in advanced industry, the modern service sector also made breakthroughs in investment attraction, especially the non-bank financial sector, medical treatment and health, pensions and new energy. Samsung Columbia Hospital, the city's first foreign capital medical project, was recently approved for an industry permit. There are currently 15 foreign financial leasing enterprises in Wuxi, creating a new avenues for fund shortages and expansion.

Realizing the importance of a sound investment environment for an open economy, the Wuxi government has launched a series of policies and services, pledging support for foreign capital enterprises. Special registration spots have been set up with a much more simplified registration process.

Last year, the business bureau visited a total of 96 foreign capital enterprises and resolved 43 grievances.