China’s economy has shown a steady recovery in the first two months of 2023, thanks to the continued relaxation of COVID-19 restrictions. According to the China National Bureau of Statistics, FDI increased 10% in the year-over-year comparison, reaching $19.02 billion in January. February’s manufacturing PMI reached 52.6, 2.5 points higher than the 50.1 recorded in January.
Some newly announced projects and investments are listed below:
Chinese automobile manufacturer Jianghuai Group and Huawei Technology announced a joint investment of $372 million to build a new EV production plant that will have an annual production capacity of 300,000 units. High-tech punch-welding machinery, coating technologies, and assembly systems will be needed. The plant will be in Feixi County, Anhui, and should be fully operational by January 2024.
Chico Group, a Chinese home appliance manufacturer located in the Guangdong-Hong Kong-Macao Greater Bay Area, announced a new investment of $286 million to produce air conditioning systems in Huainan, Anhui.
Haili Wind Power will invest $428 million to build manufacturing sites for the production of wind power equipment in Yancheng, Jiangsu.
Tongwei Co. announced plans to invest $857 million to expand production capacity of high-purity crystalline silicon in Leshan, Sichuan.
Ma Tuo Mechanical Manufacturing Co. in Huzhou, Zhejiang, will invest $18 million in the production of elevator traction machines, with an annual output of 50,000 units.
Fang Zheng Electrical Motor in Deqing County, Zhejiang, will invest $68 million to manufacture drive-motor systems for EVs. Estimated annual capacity is 80,000 units.
Hua Xiang Precision Machinery Co. in Changsha, Hunan, will invest $36 million in the production of CNC equipment. Annual output is expected to reach 400 sets.
Da Zhong Auto Parts Co. in Liuzhou, Guangxi Zhuang, will invest $16 million in the production of sheet molding compound parts. Plans are to reach an annual capacity of 1.1 million plastic-injected parts, among others.
For more information, please contact Fred Qian at fredqian@AMTchina.org.