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Gansu

In 2015, Gansu Province conscientiously implemented the guiding principles of the 18th National Congress of the CPC, the second, third, fourth and fifth plenary sessions of the 18th CPC Central Committee, and President Xi Jinping’s series speeches. It also actively adapted to the economic new normal in accordance with the general arrangements of the four-pronged comprehensive strategy. The province actively seized the opportunities brought about by the BRI, further strengthened the utilization of foreign capital, vigorously promoted international capacity cooperation, and performed all related work well. In 2015, the province actually utilized US$470 million of foreign capital, including US$350 million in foreign loans and US$120 million in foreign direct investment. Gansu enterprises invested US$230 million overseas. Foreign capital utilization and overseas investment of Gansu both achieved steady development.

  • (1) Utilization of foreign capital
  • 1) FURTHER STRENGTHENING FOREIGN DEBT MANAGEMENT

First, Gansu stepped up efforts to make good plans for foreign loan projects. Based on the major decisions and deployment of the CPC Gansu Provincial Committee and the People's Government of Gansu Province, in line with the latest policy orientation regarding foreign loans, and focusing on the areas of featured agriculture, poverty alleviation, new urbanization and cultural progress, Gansu Province vigorously utilized foreign loans to promote and deepen reform, solved systemic and overarching problems, and actively planned major projects with strategic, fundamental and demonstrative significance. It planned for the comprehensive utilization of water resources in Tianshui, an important city in eastern Gansu on the Silk Road Economic Belt, and Silk Road-themed cultural heritage and innovation projects. It also applied for a loan of US$600 million (or RMB3.6 billion) from international financial organizations. In accordance with the Circular on Submitting Candidate Projects for Using Foreign Government Loans in 2015 (FGBWZ [2015] No. 2592) of the National Development and Reform Commission and the Ministry of Finance, Gansu Provincial Development and Reform Commission and Gansu Provincial Department of Finance

Regional investment analysis report 2015 229 solicited projects from all cities and prefectures of the province, and departments directly under the People’s Government of Gansu Province. These projects were then submitted to the central government as approved by the People's Government of Gansu Province. Efforts were then made to get the submitted projects approved at the central level. Second, the province accelerated the implementation of the planned foreign loan projects. The Report on Using Foreign Loans to Boost the Economic and Social Development of Gansu Province (GFGQB [2015] No. 78) was submitted to the provincial government, putting forward relevant suggestions. The report was reviewed at the 98th executive meeting of the People's Government of Gansu Province and responsibilities were clearly assigned to the relevant departments directly under the provincial government. There were 37 major foreign loan projects implemented in Gansu involving RMB4.4 billion of investment, and they may help attract RMB12 billion more foreign investment in related fields.

2) VIGOROUSLY ATTRACTING FOREIGN DIRECT INVESTMENT

Gansu continued to strengthen its efforts to streamline administration and delegate power, constantly improved the service system for foreign investment, optimized the investment environment, took development zones and industrial concentration areas including the Lanzhou New Area as the carriers of investment projects, and took featured and advantageous industries with strategic significance as the focus to open further up westward and enhance cooperation with partners in the east. In view of the chronic shortage of foreign direct investment, the province focused on its advantageous industries such as petrochemical, non-ferrous metals, metallurgy and new energy to seek breakthroughs, and sped up the opening-up of its sendee sector such as education, culture and finance, and actively undertook industries transferred from the east. The province did a good job in the approval and filing of foreign investment projects, made active efforts to provide relevant services, and constantly improved the environment for foreign investment. It issued tax exemption confirmation to foreign investment projects fast according to relevant policies, actively implemented the preferential policies for foreign investment, and created favorable conditions for more foreign investment to come to the province.

(2) Overseas investment

To implement the Guiding Opinions of the State Council on Promoting International Cooperation in Production Capacity and Equipment Manufacturing (GF [2010] No. 30) and the NDRC’s Circular on the Establishment of the Departmental and Provincial Coordination Mechanism to Promote the International Capacity and Equipment Manufacturing Cooperation (FGWZ [2015] No. 1149), seize opportunities and strive to sign collaboration agreements, Gansu carried out a series of work. First, together with the Department of Industry and Information Technology of Gansu Province and other relevant departments and enterprises,

it completed the Implementation Plan for Promoting International Production Capacity and Equipment Manufacturing Cooperation in Gansu Province after in-depth investigation and discussion, and repeated revision and improvement. Second, the province planned a total of 20 key projects after careful research and demonstration, with a total investment of US$19.5 billion in the petrochemical industry and other fields in Kazakhstan and other countries. Gansu Jiu Steel Group’s bauxite and alumina project in Indonesia and seven other projects were included in the Country-Specific Plan for International Production Capacity and Equipment Manufacturing Cooperation formulated by the NDRC and the Ministry of Foreign Affairs (FGWZ [2015] No. 2588). These projects involved a total investment of US$12.9 billion, ranking high in terms of the number of projects and the investment amount. Third, the collaboration mechanism agreement between the provincial government and the relevant commissions was drafted and adopted on the 88th executive meeting of the People’s Government of Gansu Province. Fourth, the province considered the signing of the collaboration mechanism agreement a top priority and relevant work was implemented by dedicated personnel sent by the province under supervision at the provincial level to ensure the early signing of the agreement. As another important measure at the national level to support the development of Gansu Province, it has not only important economic and social significance for the development of the province in the new era, but also great political significance. This was a milestone in the implementation of the BRI and the development of an open economy in Gansu.

 
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