Chinese government publishes plan for growth
The Chinese government has published plans to boost the economy and promote the high-quality development of Chinese brands across the globe.
According to a document jointly issued by the Communist Party of China Central Committee and the State Council, measures will be taken to make improvements to the quality and efficiency of economic development, increase the quality and competitiveness of large-scale industries, and raise the quality of products, projects and services.
The plan also sets out targets for greater progress in brand-building, constructing more modern and effective quality infrastructure and fine-tuning the country’s quality management system, all by 2025.
“By 2035, China will have formed a more solid foundation and developed an advanced culture for quality development, and its comprehensive strength in terms of quality and brands will reach a higher level,” according to the plan.
Europe target for trade expansion
A large-scale delegation of representatives from Zhejiang province recently toured Europe in a bid to boost the province’s attractiveness to international investors.
The delegation of 18 representatives from provincial, city and county commerce authorities, travelled to Germany and Hungary, among other European countries, with the aim of developing both inward and outward investment with the province through the ‘Invest Zhejiang Global Investment Promotion Year’ initiative.
Launched last month, the scheme will see 200-plus business delegations visit countries around the world in 2023 in order to attract investment.
Li Yulin, an official with the Zhejiang Provincial Department of Commerce, said the European market has huge potential. Li said: “Hopefully, the first business delegation in 2023 will set off a wave of such initiatives in Zhejiang to court foreign investment and enhance the confidence of multinational companies to invest and set up shop here.”
The delegation to Europe focused on network communications, integrated circuits, intelligent computing, intelligent equipment and a variety of other areas that Zhejiang considers key to its future development.
“These industries are examples of the integrated development of advanced manufacturing and modern service industries, and they are the future of the digital economy,” Li said.
Members of the delegation promoted the benefits of investing in Zhejiang to European companies, including the province’s continually improving business environment, solid industrial foundation, large market potential and abundance of talented individuals, according to statement from the provincial commerce department.
Before the delegation left, Shi Qiqi, deputy director of the department and head of the delegation, said: “We will introduce Zhejiang in a way that is accessible and understandable to international businesspeople. We aim to pique their interest in investing in Zhejiang.
“The goal of the trip is to bolster two-way investment, focusing on win-win cooperation,” said Shi. “Ultimately, not only will foreign-invested companies come to Zhejiang, but more local companies will be able to invest overseas.”
At the annual Central Economic Work Conference held in Beijing in December it was agreed that China will make a greater effort to attract and make use of foreign capital, widen market access, promote the opening-up of modern service industries and grant foreign-funded enterprises equal treatment.
Wang Hao, Zhejiang’s governor, said the province will devote “extraordinary” efforts to attracting foreign investment for major projects in 2023, with the use of foreign capital targeted at over $20 billion.
Figures from the provincial commerce department show that Zhejiang’s use of foreign capital was $19.3 billion last year, the fifth-highest amount nationwide.
In 2022, there were 934 registered overseas companies and institutions in the province, a year-on-year increase of 16.5%, while Zhejiang’s outward foreign direct investment expanded to $1.3 billion, a year-on-year increase of 45%, according to the department.
In addition, the delegation held a number of information sessions and promotional events to brief potential European partner on the latest developments and preparations for the third China-Central and Eastern European Countries Expo.
