Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 27 (Xinhua) — China will continue to strengthen the role of national-level economic and technological development zones in attracting foreign investment amid its ongoing efforts to expand opening up to the outside world, the Ministry of Commerce said Tuesday.
The international economic and trade order is currently facing serious upheavals, China’s Vice Minister of Commerce Lin Ji said at a press conference, noting that the role of national-level economic and technological development zones as a basis for stabilizing foreign trade and investment is becoming increasingly prominent.
By the end of 2024, the number of such zones across the country reached 232, with their combined gross regional product (GRP) amounting to 16.9 trillion yuan (about $2.35 trillion), according to the ministry.
During the same period, the foreign trade volume in these zones reached 10.7 trillion yuan, accounting for 24.5 percent of the country’s total import and export volume. The actual foreign investment used in these zones reached 27.2 billion US dollars, accounting for 23.4 percent of the country’s total.
According to Lin Ji, the country’s economic and technological development zones have made significant contributions to promoting the construction of a new open economic system, coordinated regional development and high-quality industrial development.
Last week, China’s Ministry of Commerce released a work plan to deepen reform and innovation in economic and technological development zones at the national level, with a focus on achieving high-quality development through high-level opening-up.
In order to improve the quality of the use of foreign investment, this document provides for the priority inclusion of projects financed from abroad in national-level technical and economic development zones in sectors such as integrated circuits, biomedicine and the production of modern equipment in the list of large and key projects with foreign investment.
The document called for such zones to deepen their engagement with leading global investors and financial institutions through trade promotion platforms, while also promising support for sending delegations abroad to attract foreign capital.
The ministry said it would focus on promoting the implementation of the work plan in the next stage by supporting national-level economic and technological development zones to expand sources of foreign investment and facilitating reinvestment by China-based foreign-invested enterprises. -0-