Employers work at the manufacturing plant of Schindler Zone China in Jiading Schindler City. [Photo/jiading.gov.cn]

The contractual?utilization?of?foreign?capital in Jiading district in Shanghai exceeded $2.52 billion in 2020, according to data from the local government.

In 2020, 273 new foreign enterprises were established in the district, bringing in a contractual foreign capital of $1.55 billion, accounting for 61.4 percent of Jiading's total contracted foreign capital. Statistics show that as of November last year, the district's amount of paid-in foreign capital reached $1.04 billion.

Favorable policies for foreign investors and Jiading's sound investment environment have been the main drivers for attracting foreign investment.

Schindler Group, the world's leading provider of elevators, escalators, moving walkways, and related services, has been present in China for more than 20 years, opening its new plant in Jiading in 2016.

"With a total investment of 2 billion yuan ($309.19 million), Schindler Zone China in Jiading Schindler City is the group's largest manufacturing plant," according to Zheng Ruiheng, chairman of Schindler China.

"The regional advantages and preferential policies, as well as the local government's support in talent, capital, land, and information, have provided us firm determination and confidence to be rooted in Jiading and cultivate the Chinese market," said Zheng.

"The Regulations of Shanghai Municipality on Foreign Investment implemented last November has outlined specific guidelines on the government's functions, which have greatly helped reform administrative procedures, strengthen supervision, and improve the business environment."

Zheng also praised the government's role in containing the COVID-19 pandemic?and?in helping?the company resume?normal economic activities last year. As many enterprises have been?greatly impacted?by the COVID-19?pandemic, the district has issued a number of measures to help enterprises resume work and production, as well as to alleviate their struggles caused by the pandemic.

To address labor shortages, the local government has provided labor guarantees for key enterprises and employers struggling with this issue, ensuring that those enterprises can resume normal work and production as quickly as possible.