China is stepping up its game by leveraging state-level economic and technological development zones to attract more foreign investment. In a bold move to counter severe shocks in the international economic and trade order, the Ministry of Commerce has outlined plans to make these zones even more pivotal in stabilizing trade and investment.
By the end of 2024, 232 such zones were operating in the Chinese mainland, delivering a combined GDP of 16.9 trillion yuan (about $2.35 trillion). In these zones, foreign trade soared to 10.7 trillion yuan, representing 24.5% of overall trade, while foreign direct investment (FDI) reached $27.2 billion, accounting for 23.4% of the country’s total FDI.
This impressive performance is more than just numbers – it demonstrates how these zones are driving a new open economic system, supporting coordinated regional development and high-quality industrial growth. Last week, the ministry rolled out a work plan focused on deepening reform and innovation, prioritizing sectors like integrated circuits, biomedicine, and advanced equipment manufacturing. 🌟
The strategy also calls for closer engagement with leading global investors and financial institutions, utilizing trade promotion platforms and organizing overseas delegations to attract new capital. As the plan is set to be implemented, the focus will be on expanding sources of foreign investment and promoting reinvestment by foreign-funded enterprises in the Chinese mainland.
This dynamic push is good news for young professionals and entrepreneurs who are looking to stay ahead in a rapidly changing world, making it an exciting chapter for global trade and economic growth. 🚀
Reference(s):
cgtn.com
