Global investors going west

Vice-Premier Zhang Gaoli, accompanied by Time Warner Inc Chief Executive Jeff Bewkes, walks to the podium to deliver his keynote speech at the opening ceremony of the Fortune Global Forum in Chengdu, Sichuan province, on Thursday. [Feng Yongbin / China Daily]

Sichuan's capital now hosts 238 of Fortune Global 500 companies

China's emerging western region has become increasingly attractive to global investors, with money flowing into high-end industries rather than old factories that might have been relocated from coastal areas, the mayor of Chengdu said on Thursday.

"Many multinational companies have been unwilling to see their investment in the western region labeled as industries simply being transferred from coastal areas, which often implies new plants with old facilities and technology," said Ge Honglin, during the Fortune Global Forum, being held in the southwestern city from Thursday to Saturday.

The capital of Sichuan province is now home to 238 of the Fortune Global 500 companies, compared with 130 in 2008, according to Ge.

"Many executives have stressed that they came to the western region for development, and that they have brought probably their most advanced technology or most competitive products to the region," Ge said.

Ellen Kullman, chief executive officer of DuPont, said that the company established a plant in Chengdu last year while jointly setting up a research institution with Sichuan University to develop new fire- and heat-resistant materials. An innovation center is also being planned.

"The western city is now a hub for many manufacturing industries and we are glad to have set up a plant here," she said.