China’s Central Economic Work Conference recently emphasized the need to “expand high-level opening up” and “consolidate the fundamentals of foreign trade and foreign investment.” This announcement heralded a new era of opportunity for foreign trade and investment in China, prompting a discussion on how to seize these opportunities and cultivate new momentum.
As part of this conversation, the Xinhua News Agency launched a new issue of the “China Economic Roundtable” program, inviting key figures such as Zhu Bing, Director of the Department of Foreign Investment Management of the Ministry of Commerce, Zhang Wei, Vice President of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, and Zhao Yugang, deputy director of the Free Trade Zone Administration of the Pilot Free Trade Zone Management Committee in China (Shanghai), to provide their insights and expertise.
One of the key topics of discussion was the fluctuations in the scale of foreign investment attracted by China. While the global pandemic and geopolitical factors have led to fluctuations in investment, the country has continued to see a historically high level of foreign investment, reaching over 1 trillion yuan in the first 11 months of 2023.
Zhu Bing explained that the fluctuations in foreign investment are influenced by both economic and non-economic factors. Despite this, the long-term fundamentals of China’s economic growth, including its large market advantages and complete industrial and supply chains, remain highly attractive to foreign investors.
The article also noted the increasing investment from multinational companies in China, with Airbus breaking ground on the second production line of the A320 series aircraft final assembly line in Tianjin. This reflects the long-term optimism many multinational companies have for the Chinese market.
On the topic of foreign trade, the article highlighted the positive growth China has demonstrated despite global economic challenges. China’s foreign trade has shown resilience and steady growth, with import and export volumes increasing and maintaining positive growth.
The article also included insights from Fang Xueyu, president of Hisense International Marketing Company, who shared how the company has expanded its overseas sales of high-end appliances. Fang’s comments emphasized the move towards “new driving forces for foreign trade,” which include the expansion of intermediate goods trade, service trade, digital trade, and cross-border e-commerce exports.
The article concluded by emphasizing the importance of high-level institutional opening up, which aims to open new space for the development of foreign trade and investment in China. The pledge to promote deep-seated reforms and stress testing within the Shanghai Pilot Free Trade Zone reflects the country’s commitment to creating a more efficient and open business environment.
Overall, the article provided a comprehensive view of the latest developments in China’s foreign trade and foreign investment landscape, shedding light on the country’s strategic focus on attracting foreign investment and expanding high-level opening up to the outside world.