China is charting a bold course towards high-standard opening-up, with the China Council for the Promotion of International Trade (CCPIT) at the helm of forging stronger global trade ties. Under the guidance of President Xi Jinping, who emphasized that “only an open China can become a modern China,” the nation is elevating its engagement with the world, fostering economic development, and enhancing international cooperation.
Strengthening Foreign Trade and Investment
Amid global economic challenges and slowing cross-border investments, China has introduced policies to stabilize and grow foreign trade and investment. These measures have yielded significant results, attracting multinational corporations and increasing the number of foreign-funded enterprises.
In the first seven months of this year, China’s imports and exports grew by 0.4 percent year-on-year, aligning with expectations. The number of newly established foreign-funded enterprises surged by 35.7 percent compared to the previous year. Investments in high-tech sectors saw a notable rise, underscoring China’s appeal as a prime destination for global investment.
The CCPIT has been pivotal in these developments, organizing international expos, facilitating overseas roadshows in 30 countries and regions, and ensuring smooth global industrial and supply chains. Over 300 companies have committed to the China International Supply Chain Expo, with international exhibitors making up more than 20 percent.
By hosting summits and facilitating dialogues between political and business leaders from over 30 countries and regions, the CCPIT has strengthened global business cooperation. It has also promoted free trade agreements, increasing the issuance of certificates of origin under the Regional Comprehensive Economic Partnership (RCEP) by 61.26 percent in the first seven months compared to the previous year.
Advancing the Belt and Road Initiative
Marking a decade since its inception, the Belt and Road Initiative (BRI) continues to make significant strides. China has signed over 200 cooperation agreements with 152 countries and 32 international organizations, leading to numerous landmark projects and solidifying the BRI as a prominent platform for international cooperation.
From January to July this year, trade between China and BRI partner countries increased by 7.4 percent year-on-year. Non-financial direct investment in these countries grew by 23.2 percent. Key infrastructure projects like the China-Laos Railway and the China-Europe Railway Express have enhanced connectivity and economic ties.
The CCPIT has played an essential role in advancing the BRI, establishing bilateral and multilateral business cooperation mechanisms with counterparts in related countries. It hosted the inaugural meeting of the China-Central Asia Business Council, signifying a new era of business cooperation under the China-Central Asia framework.
Additionally, the CCPIT organized significant events like the 10th Arab-China Business Conference in Saudi Arabia, with participation from over 3,000 representatives across more than 20 countries and international organizations. These efforts have led to substantial foreign investment projects and strengthened global business relationships.
As preparations continue for the upcoming Belt and Road CEO Conference, the CCPIT aims to create more opportunities and achieve greater outcomes at the third Belt and Road Forum for International Cooperation.
Reference(s):
Decoding China: Writing a new chapter of high-standard opening-up
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