Rugao development zone achieves economic growth in 2020
Rugao Economic and Technological Development Zone, which is located in Nantong, has seen remarkable growth in many economic indicators, according to a report by Hao Xiaodong, a Party official of the zone, at a recent conference.
The zone received a record-high paid-in foreign investment of $120 million in 2020, which accounted for 30 percent of Rugao's total, said Hao.
One of the most successful projects was the Chinese production plant of Scania, a Swedish automotive giant, which had 650 billion euros ($786.09 billion) in investment. The plant is expected to fuel the development of the auto industry in the zone, Hao added.
In 2020, seven major projects, each of which valued at more than 1 billion yuan ($154.4 million), started construction soon after receiving government approval as administrative procedures have been greatly streamlined.
Most companies in the zone have managed to survive and make a profit despite the impacts caused by the COVID-19 pandemic. The zone's total taxable industrial sales in 2020 increased by 7.9 percent year-on-year, while the figure for enterprises that are above the designated scale, which are those with annual revenue of 20 million yuan or more, was 10.8 percent, added Hao.