A total of 34 projects worth 98.15 billion yuan ($15.14 billion) were signed at the China Manufacturing Power Forum and Baotou Economic High-Quality Development Conference of 2021 Chamber of Commerce – held on July 24 in Baotou city, in North China's Inner Mongolia autonomous region – according to local media reports.
The event invited industry experts and academics, research institutes, top companies, foreign chambers of commerce and business representatives to make suggestions on Baotou's industrial transformation, technological upgrading and green development.
The projects are engaged in 14 industry categories, including equipment manufacturing, green energy, cultural tourism, modern logistics, energy conservation and environmental protection, as well as food processing. Among them were two are financial projects, with financing worth 30.5 billion yuan.
The contracted projects involved two Fortune Global 500 companies, four of China's top 500 companies and three of China's top 500 private enterprises.
Baotou is an important economic hub in Inner Mongolia, approved by the State Council, or China's Cabinet, as well as one of the central cities of the Hohhot-Baotou-Ordos urban agglomeration. It is also an important industrial base in China.
The city's manufacturing industry is mainly concentrated in steel production, aluminum, equipment manufacturing, rare earths and new energy related industries.
In 2020, the output value of the equipment manufacturing industry above a designated size in the city hit 47.7 billion yuan, making it the second pillar sector of Baotou.
During the 14th Five-Year Plan period (2021-25), plans are for Baotou to seize opportunities presented by China's carbon peak and carbon neutrality goals, to accelerate the creation of a modern commercial ecosystem with diverse development and multi-level support.