On January 10th, the first batch of foreign capital, totalling €2.5 million or approximately CNY 18 million, came into place for the project of " Allgaier (German)  Lightweight Vehicle Body" in Xuchang. The arrival of the project funds signifies an important achievement for Xuchang's cooperation with Germany and Europe, and marks a successful start to its foreign investment utilization efforts.

The project is the largest advanced manufacturing foreign investment project introduced by Xuchang in 2022, and it is under the charge of Allgaier Automotive Technology (Henan) Co., Ltd, a single proprietorship enterprise invested and constructed by Allgaier (German) Group with €50 million and registered in November 2022. The project plans to construct a car body safety structure component workshop and supporting functional areas, covering an area of 50 acres. It will introduce intelligent production lines from Germany and will have an annual production capacity of 500,000 sets of vehicle body structure components and an annual output value of CNY 500 million, creating employment opportunities for 150 people.

Since the start of 2022, Xuchang has attached great importance to the utilization of foreign investment. In details, we have established a city-wide joint meeting and special team responsible for foreign investment utilization led by Mayor Liu Tao and Vice-Mayor Zhao Shuhong, and the team includes senior officials from 26 relevant units of the municipal government. Each county (city, district) is required to improve the corresponding mechanism and work together as a whole. Comprehensive mechanisms have been up and running to strengthen supervision and evaluation, optimize services, and pursue breakthroughs in foreign investment utilization. In 2022, 12 new foreign-funded companies were established,representing a year-on-year increase of 50%. Besides, one of the Fortune Global 500 company, China Resources Power has also taken root in Xuchang.

In less than 10 days after the New Year of 2023, Xuchang received €2.5 million of foreign investment funds. At the same time, four foreign-funded projects are expected to be signed in the first quarter of 2023, with a total investment of CNY 670 million.

In the new year, Xuchang is expected to make further achievements under the strong leadership of the municipal government and the vigorous promotion of the special team on foreign investment utilization. The efforts will contribute to the high-quality development of the economy, and the construction of a pilot area for the integration of urban and rural areas characterized by common prosperity.