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Foreign investment in manufacturing industry projects in Pinghu reached $258 million from January to August, accounting for 82.47 percent of the city's total.

Foreign investment in high-tech industries reached 78.7 percent, higher than the provincial average.

To date, the city has introduced more than 40 global top 500 investment enterprises or projects and has developed three leading industrial chains including automobiles, high-end machine tools and new materials.

For example, at the beginning of this year, BASF, a global top 500 company in Germany, invested $75 million in a project involving the comprehensive utilization of platinum group precious metal resources in Pinghu in cooperation with Heraeus Group, another global top 500 company.

In late September, Nidec Corporation's flagship factory producing motors for new energy vehicles, which received 2.5 billion yuan ($347,432) in investment, started construction and is expected to be put into operation in October next year.

"After completion, the localized production of key components new energy vehicle motors in Pinghu will be made possible, greatly improving the development of Pinghu's industrial chain," said an official of the Pinghu commerce bureau.