Merck & Co., Inc., a Fortune Global 500 company based in United States, is building a new factory in Hangzhou. Another Fortune Global 500 company, French Sanofi-Aventis Group, will be launching the construction of its production base in Hangzhou later this month.

Both companies are international pharmaceutical giants and see great investment opportunities in Hangzhou.

"We have three criteria for choosing where to invest: strong government support, sound investing environment, and qualified labor force. Hangzhou has met all the three criteria," said a vice executive president of Merck & Co., Inc.

In the "2010 Report on the Work of Hangzhou Municipal Government", the government will promote the development of both high-tech and emerging industries by attracting Fortune Global 500 companies. So far, more than 70 Fortune Global 500 companies have invested in Hangzhou.

As a city endowed with long history, rich culture and beautiful scenery, Hangzhou has a competitive edge over most of the other cities in China in terms of economy, and is an ideal destination for investment. In recent years, the municipal government has taken efforts to create a sound investing environment.

By Xie Fang and Liu Jingyuan