China is stepping up its efforts to attract more foreign investment by enhancing its state-level economic and technological development zones, the Ministry of Commerce announced recently.
Amid global economic uncertainties, these development zones are becoming increasingly vital in stabilizing foreign trade and investment. Ling Ji, vice minister of commerce, highlighted at a press conference that the zones serve as a mainstay for China’s ongoing opening-up efforts.
As of the end of 2022, China had established over 230 such zones across the country. These zones have generated significant economic activity, contributing trillions of yuan to the nation’s GDP and accounting for a substantial portion of China’s foreign trade. They have also attracted a large share of foreign direct investment (FDI), reinforcing their role in the nation’s economic growth.
The Ministry of Commerce recently released a work plan aimed at deepening reform and innovation within these zones. The focus is on achieving high-quality growth through high-standard opening-up. The plan prioritizes foreign-funded projects in sectors like integrated circuits, biomedicine, and advanced equipment manufacturing, aiming to include them in the list of major foreign investment projects.
The plan also encourages these development zones to strengthen engagement with leading global investors and financial institutions. By leveraging trade promotion platforms, the zones are expected to organize delegations to go overseas and attract foreign capital.
Moving forward, the ministry emphasized its commitment to facilitating the implementation of this work plan. It will support the development zones in expanding sources of foreign investment and promoting reinvestment by foreign-funded enterprises in China.
