Kunming, the capital of Yunnan province, has been included in the list of China’s Investment Hotspot Cities for 2023, highlighting its rapid rise as an attractive investment destination.

The announcement was made at the 23rd China International Fair for Investment and Trade (CIFIT) on Sept 8, where 18 cities were awarded.

Kunming has achieved its highest growth rate in industrial investment since 2006, with total investments of 57.84 billion yuan($7.92 billion) in 2022. The city’s regional GDP has also outperformed other capital cities in Southwest China, reaching 754.14 billion yuan.

In the first half of this year alone, Kunming attracted a total of 64.67 billion yuan in offsite industrial investments, a year-on-year increase of 19.37 percent, and utilized $320 million in actual foreign investments, achieving a remarkable 91.9 percent increase compared to the same period last year. The city has successfully surpassed the halfway mark in investment attraction.

The China Investment Hotspot Cities report showcases the unique strengths and development potential of cities based on their growth, reforms, innovation, and cost-effectiveness. The report aims to provide assistance for investment attraction, particularly in attracting foreign capital.

Currently, Kunming’s urban investment vitality continues to strengthen. It will actively learn from the best practices of other sister cities and vigorously develop resource economics, park economy, and port economy.

Furthermore, it will expedite the construction of industry clusters in new energy batteries, biomedicine, advanced equipment manufacturing, electronic information, and new materials.

These efforts aim to further enhance the brand image of Kunming as an investment hotspot city and provide robust support for Yunnan’s high-quality leapfrog development.