Henan: A fertile ground for global investment

Henan transitions from a traditional industrial province to a hub for high-tech industries, playing a crucial role in the rise of the central region and demonstrating the strong momentum of China's modernization efforts. [Photo/VCG]

Henan has transitioned from a traditional industrial province to a hub for high-tech industries, playing a crucial role in the rise of the central region and demonstrating the strong momentum of China's modernization efforts.

In recent years, Henan has focused on building, extending, supplementing, and strengthening industrial chains around its advantageous industries. It has successfully attracted a large number of key technologies and major projects, such as fusion energy, BYD, and CATL, leading to the transformation of its industrial scale, chain length, industrial hierarchy, and enterprise relationships.

In 2023, Henan saw its industrial investment grow by 8.9 percent, total retail sales of consumer goods increase by 6.5 percent, foreign trade stabilize within the top 10 nationwide, and the number of operating entities reach 10.94 million, ranking fourth in the country. This marked both a qualitative improvement and reasonable economic growth.

This year, Henan's economy has continued to develop steadily. In the first seven months, the province ranked first nationwide in the growth rate of total retail sales of consumer goods, with fixed asset investment and the value added of industrial enterprises above the national average. The province's strong economic growth has created a broad market for attracting multinational investments across various sectors.

According to official data, Henan boasts 40 major industrial categories, 197 subcategories, and 583 minor categories. It is one of the top provinces in terms of traditional industries such as materials, equipment, food, and textiles, as well as in emerging industries like electronics and information technology.

To date, the province has formed two 1-trillion-yuan ($142.45 billion) industrial clusters in equipment manufacturing and modern food, respectively, as well as 19 100-billion-yuan industrial clusters revolving around energy conservation, environmental protection, smart power, and electronics. Henan's "made in China products" are popular overseas, with Yutong buses holding a global market share of over 10 percent and being the world's top-selling bus for the past 11 years.