Research On Transformation Of Local Government Investment Promotion In "New Normal"

Investment promotion has always been an effective way to stimulate the local development of economy since Chinese economic reform in 1980s.For quite a long time,cities including Nantong make great achievements in Investment promotion by the advantage of element resources,and make the foreign direct investment(FDI)an important sustainment of the development of local economy.As improving the local open economy,FDI also enlarged employment and made the city more competitive.But since 2012,China has been continuously adjusting macro-economy strategy and slowing down the economic growth,the driving force of economy has gradually transformed from resources and investment to innovation.Also,a new concept——"new normal" has been issued by Chinese government.At "new normal",many local government found it hard to keep investment promotion going on by traditional ways,the increase of FDI kept dropping,even dropped below zero.Therefore,how to push the transformation of investment promotion and keep FDI bringing vitality to local economy,has become an important problem which local government is eager to solve.Nantong is among the first group of 14 coastal cities made open to the world when China first adopted the reform and opening-up policies.For over 3 decades,after opening-up,Nantong has made great achievements in investment promotion by constantly research on open economy especially on investment promotion,FDI has played an important role in the enhancement of the level of overall economic development.But recently,the investment promotion in Nantong has met some problems which are kind of representative,such as the dropping of FDI increase,the lack of big investment project.Therefore,this paper focus on the investment promotion in Nantong.First the paper elaborates the situation of Nantong investment promotion.On this basis,the paper analyses the changing trend of FDI both global and domestic,then does the research on the influence on Nantong investment promotion under "new normal" from three aspects:the establishment of The China(Shanghai)Pilot Free Trade Zone,the adjustment of national strategy and the change of national policy.Secondly,the paper points out the problems in Nantong investment promotion due to new change of inboard and outboard environment.Finally,the paper offers solutions of the investment promotion problems during transformation period,and suggestions on how make investment promotion the new driving force of local economy development.