A promotional event hosted by Baotou is held in Shanghai, May 6. [Photo provided to chinadaily.com.cn]

The city of Baotou in North China's Inner Mongolia autonomous region hosted an investment promotion event in Shanghai on May 6, with the aim of boosting investment and regional economic growth in Baotou.

The half-day event, held at the Oriental Riverside Hotel in the Shanghai International Convention Center, witnessed the signing of 48 projects worth 159.7 billion yuan ($24.66 billion), covering areas such as modern energy, modern equipment manufacturing, and modern service industries.

The event drew some 300 attendees, including company and business representatives, staff members from domestic universities and scientific research institutions, as well as members of various chambers of commerce.

The event attendees, May 6 [Photo provided to chinadaily.com.cn]

Since October last year, Baotou has been working to deliver first-class government services, a sound legal environment, a complete industrial system, and a quality urban working and living space, and has built a first-class market-oriented, legalized, and internationalized business environment.

The online availability rate of government services has increased to 95.4 percent, and the time required for new businesses registration and associated processes has been reduced to half a day.

The city of Baotou was chosen as one of the Top 10 Chinese Cities (Cases) for Business Environment in 2020.

Earlier, on April 28, a slew of 30 modern energy projects worth 68.3 billion yuan were rubber-stamped at the first Modern Energy Industry Development Conference, which took place in Baotou.