In a world rattled by trade tensions and market volatility, the Chinese mainland is doubling down on its state-level economic and technological development zones, aiming to make them the beating heart of foreign investment. At a recent press conference, Ling Ji, vice minister of commerce, painted a picture of 232 zones bustling with innovation and international partnerships by the end of 2024.
These zones aren't just patches on a map. Together, they pulled in a staggering 16.9 trillion yuan in GDP (roughly $2.35 trillion) and drove 10.7 trillion yuan, or 24.5 percent, of the Chinese mainland's total foreign trade. Foreign direct investment zoomed in at $27.2 billion, accounting for 23.4 percent of the mainland's total FDI intake.
Now, the Ministry of Commerce has rolled out a fresh work plan to supercharge this momentum. The focus? High-quality projects in sectors such as integrated circuits, biomedicine and advanced equipment manufacturing. By fast-tracking these key industries, the Chinese mainland hopes to set new standards for innovation, job creation and sustainable growth.
Global investors are on notice. The plan encourages development zones to tap leading financial institutions and trade platforms, and even to send delegations overseas in search of fresh capital. In the coming months, officials will zero in on turning these blueprints into reality, expanding investment sources and nudging foreign-funded enterprises to reinvest in the mainland market.
For young entrepreneurs, tech enthusiasts and globe-trotters alike, this is one to watch. As the Chinese mainland refines its opening-up strategy, these development zones could redefine the next wave of cross-border collaboration and industrial evolution.
Reference(s):
cgtn.com
