Waterside architecture in Shaxi town, Taicang at night [Photo provided to chinadaily.com.cn]

Shaxi town, a scenic spot in Taicang, Jiangsu province, received $54.96 million in foreign investment from January to May, local media reported on June 14.

The town also signed four new projects and accelerated work on three ongoing projects by increasing investment.

The actual use of foreign capital in the town reached $20.6 million, up 647.43 percent.

Smart Pharmaceutical (Taicang) contributed $35 million to Taicang's biomedicine sector, while Clarios (Taicang) invested another $5 million into the city's clean energy industry.

Shaxi town, referred to as "shatou" by locals, is a national 4A-level scenic spot. Built 1,300 years ago, it is famous for its unique waterside architecture, ancient streets, hidden alleys, and old bridges from the Ming and Qing dynasties (1368-1911).

The ancient town has been increasing administrative efficiency and improving its business environment.

There are currently 49 potential projects under negotiation in the town involving 28 foreign and 21 domestic investors, who have high hopes for the town's development.