Hunan govt tries to stop Sany relocation

Officials from Hunan provincial government are trying hard to persuade Sany Group Co Ltd to stay in the province as it develops further, Hunan's vice-governor Han Yongwen said to Securities Times on Sunday.

Last month, China's largest construction machinery manufacturer Sany was reported to be moving its headquarters from Changsha, the capital of Central China's Hunan province, to Beijing for the purpose of globalization.

Although the company did not release any official announcement, people were worried that Sany's possible relocation would have a negative impact on Hunan's investment environment.

The vice-governor did not give direct comments on the possible move, but gave a 20-minute speech during Sunday's 2012 China Banking Industry Annual Summit in Beijing, promoting Hunan's investment environment to the country's financial institutions’ executives.

"Hunan province is located in the center of China with a beautiful ecological environment and rich cultural heritage, which gives the place a natural advantage in developing trade, logistics and manufacturing," Han said to Securities Times.

He added that some industries in Hunan have gained worldwide recognition, especially the construction machinery manufacturing industry.

"With the support of China Insurance Regulatory Commission, we successfully launched the first Hunan-based insurance company," said Han. "In the next phase, we are hoping to accelerate the development of the regional capital market with the support of China Banking Regulatory Commission."