Aerial view of the expansive Changchun Economic and Technological Development Zone in Northeast China's Jilin Province. Photo:VCG
China will further consolidate the role of state-level economic and technological development zones in attracting foreign investment amid its continuous opening-up efforts, an official with the Ministry of Commerce (MOFCOM) said on Tuesday at a press conference.
Amid rising protectionism and unilateralism, the pivotal role of state-level economic and technological development zones in stabilizing foreign trade and investment is being further highlighted, a Chinese expert said. Speaking at a press conference held by the State Council Information Office on Tuesday, Chinese government officials interpreted the recent work plan to deepen reform and innovation in the country's state-level economic and technological development zones for high-quality development through high-standard opening-up. The work plan, recently released by the MOFCOM, put forward 16 policy measures across four key areas, aiming to continuously transform the development model, optimize the economic structure, and expand high-level opening-up. To enhance the quality of foreign investment use, foreign-funded projects in sectors such as integrated circuits, biomedicine, and advanced equipment manufacturing within the zones should be prioritized for inclusion in the list of major foreign investment projects, according to the plan, the Xinhua News Agency reported. The work plan also encourages the development zones to deepen engagement with leading global investors and financial institutions by leveraging trade promotion platforms, and supports the zones in organizing delegations to go overseas to attract foreign capital. Moreover, the work plan underscores the need for more diversified and innovative foreign trade strategies. It supports the establishment of bulk commodity trading centers, global distribution hubs, and international logistics centers in qualified development zones. Speaking at Tuesday's press conference, Ling Ji, vice minister of commerce and deputy China international trade representative, said that at present, the international economic and trade order is under severe strain, with rising protectionism and unilateralism. The external environment for China's development has become increasingly uncertain and unstable, further underscoring the crucial role of state-level economic and technological development zones as key platforms for stabilizing foreign trade and investment, Ling said. There are 232 state-level economic and technological development zones across China, covering all 31 provinces, autonomous regions and municipalities. These zones exhibit strong complementarity in terms of industrial structure and resource endowment, among others, according to the MOFCOM on Tuesday. The state-level economic and technological development zones nationwide are home to 85,000 high-tech enterprises, accounting for 18.3 percent of the country's total. Among these zones, there are more than 60,000 foreign-invested enterprises and 99,000 foreign trade enterprises with actual import and export performances, the MOFCOM said. Economic and technological development zones have long served as a bridgehead for China's opening-up and remain a driving force in this process, Li Changan, a professor at the Academy of China Open Economy Studies, University of International Business and Economics told the Global Times on Tuesday, noting that the latest official data further underscore the continued importance of these zones in China's economic development. Li added that the recently released work plan reflects the country's commitment to further opening-up and provides a roadmap for deepening reform and advancing the development of the zones as the nation promotes high-quality development through high-level opening-up.
