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A factory of Nidec Group in Pinghu, a county-level city of Jiaxing, Zhejiang province. [Photo/jiaxingren.com]

At the beginning of this year, Jiaxing implemented a series of preferential policies to attract investment to expand its opening up.

Foreign-funded enterprises, including Nidec Group from Japan, are optimistic about Jiaxing's development prospects, continuing to increase investment and capital in the city.

Nidec first began operating in Pinghu, a county-level city of Jiaxing, in 1999, and now has 17 subsidiaries in Pinghu with a total investment of $1.43 billion and has increased its capital in the city 32-fold.

This year, Nidec has invested more than $30 million in Pinghu.

In the Pinghu Economic Development Zone, the Nidec new energy vehicle drive motor flagship factory, with an investment of 2.5 billion yuan ($343.38 million), is under construction.

It is one of Nidec's largest overseas investment projects. The factory's annual output value is expected to exceed 7 billion yuan and it is expected to achieve an annual capacity of 1 million sets of drive motors for new energy vehicles.

Meanwhile, another two new Nidec factories are also under construction in the zone. They will mainly produce semiconductors, drive motor testing equipment and processing equipment for drive motor precision gears.

The three factories are expected to further enhance the new energy vehicle industrial chain in Jiaxing.