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China's Zhejiang province strives to be gathering place for high-quality FDI

June 13, 2018, 9:00 UTC+3
1 pages in this article

HANGZHOU, China, June 9, 2018 /PRNewswire/ -- On June 7th, the 20th edition of China Zhejiang Investment and Trade Symposium (ZJITS), hosted by the provincial government, was opened in the city of Ningbo, Zhejiang province. Through a series of activities such as business forums, trade fairs, and exhibitions, the symposium promotes the development of Zhejiang's open economy and its attraction for high-quality foreign direct investment.

Zhejiang, located on the eastern coast of China, is a pioneer in China's reform and opening up. Since China's reform and opening up in 1978, the province has paid close attention to the opportunities brought about by economic globalization, continuously improved the level of opening up, vigorously introduced foreign investment, and speeded up the construction of a high-energy open cooperation platform represented by the ZJITS, in an effort to create high standards. The quality of foreign capital gathering places, gradually promoted the formation of a new pattern of full opening.

As the most important and influential event in Zhejiang related to foreign trade and economic cooperation, the ZJITS has been successfully held for 19 consecutive terms since the first session in 1999. The previous symposiums have witnessed the signing of more than 3,700 foreign-invested projects, with a total committed investment of over 50 billion US dollars. The ZJITS has become an important instrument for Zhejiang to expand international cooperation and enhance the level of its opening to the outside world.

Speaking at the Zhejiang Investment and Trade Fair, Ji Ruida, President of the America Chamber of Commerce stated that, "China remains a vital destination for US investment." Zhejiang province, famous for its entrepreneurial spirit and the vitality of its economy, has provided countless opportunities and support for foreign enterprises over the last couple of decades. This has included the construction of various development zones, industrial parks as well as holding a range of events that encourage economic cooperation.

According to statistics from the Department of Commerce of Zhejiang Province, as of the end of April this year, Zhejiang accumulated a total of nearly 62,000 foreign-invested companies, and actually utilized foreign capital of nearly 200 billion US dollars. The rapid development of foreign trade and two-way investment has promoted industrial upgrading in Zhejiang. It has effectively promoted the development of Zhejiang products from the low end of the global value chain to the middle and high end, and continued to create the "Zhejiang Height" in participating in the international industrial division of labor and competition.

Statistics show that from 2013 to 2017, the paid-in foreign investment in high-tech industries of Zhejiang recorded an annual growth rate of 22.7 percent, accounting for 24.4 percent of the total paid-in foreign investment of the province in 2017, up from 12 percent in 2012.

Sheng Qiuping, director of Zhejiang Provincial Department of Commerce, said that "Continuing to open up to the international community is the only way to develop and prosper." Following the concept of 'Two Resources, Two Markets', Zhejiang is actively promoting it's economic, technological and administrative progress to audiences at home and abroad.

On May 9th of this year, after fourteen years of silence, a conference was held on how to continue the 'opening up' of Zhejiang province. In line with the direction set by the Belt and Road Initiative, ten new major policies were introduced to accelerate the modernisation and internationalisation of the province. By 2020 Zhejiang province will committed to developing into a major centre of two-way investment as well as becoming a major destination for both domestic and international talent.

Source: The Department of Commerce of Zhejiang Province

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