Foreign enterprises are revving up investment in Tianjin Municipality amid economic and consumption recovery in the world's second-largest economy.
Swiss food giant Nestle launched a new high-end wet canned pet food production line in the city on Friday. It is Nestle's fourth high-end wet pet food production line in the world and the first outside of Europe and the United States.
Since 2020, Nestle has increased its investment to a total of more than 1 billion yuan (about 145.3 million U.S. dollars) in Tianjin, extending its pet food product portfolio in China.
SMC (Tianjin) Manufacturing Co., Ltd., a wholly owned subsidiary of Japan's pneumatic component manufacturer SMC Corporation, this year invested 1 billion yuan to build a plant of 150,000 square meters.
After the new plant is put into operation, the annual output value of the Tianjin company is expected to reach 1.5 billion yuan, which will make it SMC's largest base in China, Ma said.
Recovering consumption has also boosted investment in the commercial sector.
Florentia Village, which is one of Tianjin's featured shopping centers and houses more than 300 international brands, acquired robust vitality in consumption this year.
The booming foreign investment in Tianjin in 2023 echoed multinationals' bullish views on China's economy. China continues to remain a huge magnet for foreign investment at a time when the global economy is struggling with a gloomy outlook.
Over the past five years, the total foreign direct investment (FDI) into Tianjin reached 25.4 billion U.S. dollars, and more than 270 Fortune 500 companies have invested in Tianjin.
In 2021 and 2022, Tianjin's actual use of foreign investment increased by more than 10%.
