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Zhejiang Jingxing Paper Co Ltd's overseas factory in Malaysia. [Photo/WeChat account: phfabu]

Zhejiang Jingxing Paper Co Ltd, a paper-making giant in Pinghu, a county-level city in Jiaxing, recently made a significant leap in its global footprint with its Malaysian subsidiary's second phase of investment registration.

This milestone investment exceeds $500 million, making it the city's largest overseas investment project to date and a testament to the thriving "sweet potato economy" in Pinghu. 

"Sweet potato economy" refers to a high-growth model developed in Zhejiang. Under it, local enterprises and individuals invest in various places in China and overseas - participating in the global supply chain - while maintaining roots firmly in Zhejiang, strengthening the local economy.

The company's strategic move in 2019 to establish a $299 million facility in Malaysia was aimed at overcoming raw material import challenges and expanding production capacity. Operational since 2023, the project has already prompted a second investment phase, applying an additional $216 million with expectations to significantly enhance annual foreign trade exports.