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Rugao development zone achieves economic growth in 2020

en.nantong.gov.cn| Updated: January 28, 2021 L M S

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.

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