This year, Guiyang in Southwest China's Guizhou province has launched more than 20 business promotion activities in Beijing, Shanghai, Shenzhen, Guangzhou, Chongqing, and Chengdu, leading to about 160 contracts being signed with a group of State-owned enterprises (SOEs) owned by the central government, which usually have extremely strong financial foundations.

In Oct 2021, Wudang district signed a cooperation agreement with China Zhenhua Group Science & Technology Co to jointly build an electronic part and component industrial park with an investment of 2.5 billion yuan ($35.53 million).

"Less than four months after the agreement was signed, our projects have been put into operation," said Wu Guisong, an official from the firm.

The project is expected to generate 2.3 billion yuan in output annually, and contribute 264.8 million yuan in revenue to the local economy.