SHENZHEN — The 2020 Shenzhen Global Investment Promotion Conference has exemplified investors' insight into the strong innovation capability of the high-tech hub in South China's Guangdong province, with 242 deals signed, clinching contractual investments of 780 billion yuan ($119 billion).

Wang Weizhong, Party secretary of Shenzhen, attended the conference on Dec 7 as an "investment promotion commissioner" to introduce Shenzhen's business environment, industrial development strategy, and layout of industrial development.

A total of 324 companies from a wide range of fields, including new-generation information technology, manufacturing, bio-medicine, new material, and finance, participated in the conference. About 40 percent of the companies were from 15 countries and regions including the United States, Japan, Britain, France, Germany and Singapore.

"We value the strong innovation vitality of Shenzhen. With the strong economic development of the Guangdong-Hong Kong-Macao Greater Bay Area, we hope to establish an R&D center here. At the same time, we are willing to bring more solutions to global markets with our innovation outcomes in China," said James Zhao, senior vice-president of ABB China Ltd.

According to the Shenzhen commerce department, the city utilized over $7 billion of foreign investment in real terms in the first ten months this year, up by 7.58 percent year-on-year.

Shenzhen celebrated the 40th anniversary of the establishment of the Special Economic Zone in October. China's supporting policies of developing the Guangdong-Hong Kong-Macao Greater Bay Area has sustained Shenzhen's advantage as a popular destination for foreign investment.