China is ramping up efforts to attract foreign capital into its state-level economic and technological development zones, signaling renewed confidence in its high-standard opening-up strategy. The Ministry of Commerce announced Tuesday that these zones will play a pivotal role in stabilizing foreign trade and investment amid global economic uncertainties.
Economic Powerhouses at a Glance
By the end of 2024, China's 232 development zones generated 16.9 trillion yuan ($2.35 trillion) in combined GDP – equivalent to the economic output of a mid-sized developed nation. These zones accounted for 24.5% of China's total foreign trade and attracted 23.4% of the country's foreign direct investment last year.
Strategic Sector Focus
A newly released work plan prioritizes foreign-funded projects in:
Integrated circuits
Biomedical research
Advanced equipment manufacturing
Vice Commerce Minister Ling Ji emphasized that these zones are crucial for building China's new open economic system and driving industrial innovation. The ministry plans to organize overseas investment promotion delegations and strengthen ties with global financial institutions.
Next Steps in Global Engagement
Authorities will focus on:
Fast-tracking major foreign investment projects
Enhancing reinvestment by existing foreign enterprises
Leveraging international trade platforms
This initiative comes as China seeks to maintain its position as a top destination for global capital while transitioning to high-quality development models.
