China to hold 24th CIFIT

INVESTING in China is investing in the future, Chinese Vice Commerce Minister Ling Ji said on Monday, noting that China will continuously improve its business environment, promote high-quality opening up and expand cooperation.

The remarks were made at a press conference held by the State Council Information Office for the introduction of the upcoming 24th China International Fair for Investment anf Trade (Cifit), which will be the nation’s first international investment expo since the recently concluded third plenary session of the 20th Communist Party of China Central Committee.

The event will be held in Xiamen, Fujian province, from September 8 to 11, providing a window of opportunity for both domestic and foreign businesses to meet and make deals.

Working with the theme of “Invest in China,” the Cifit has invited a wide range of government departments, industry organizations and high-quality enterprises from various countries to participate in the fair and share the vast opportunities that the Chinese market has to offer.

Delegations from more than 90 countries and regions as well as international organizations have confirmed their participation.

Chinese experts said that the fair, which comes right after the third plenum, sends another clear message to the world about China’s further opening up for investment and trade.

The Cifit can better reflect the blueprint of Chinese modernization outlined at the third plenary session for the development of China’s economy, drawing more enterprises to China to build up trade connections, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Monday.

In the first seven months of this year, 31,654 new foreign-invested enterprises were established across China, a year-on-year increase of 11.4 percent, according to the Ministry of Commerce, indicating that the world’s second-largest economy remains attractive to foreign investment.

Investment is a long-term business decision that requires a stable market environment, and the foreign investment level in the first seven months was a good reflection of the confidence of foreign capital toward the Chinese economy, Zhou said.

Another highlight of the fair is the high-quality development of the Belt and Road Initiative (BRI). So far, merchants from nearly 90 countries and regions have applied to attend the Cifit. Among them, those from economies involved in the joint construction of the BRI account for 80 percent, according to Ling.

During the fair, a wide range of international cooperation will be promoted under the BRI, particularly in booming areas such as green development, the digital economy, artificial intelligence, new energy and finance, according to Monday’s press conference.

Promoting BRI investment and cooperation meets the development needs of all parties involved, Zhou said, noting that “this fair will bridge connections and foster win-win outcomes by helping participating countries enhance their economic resilience and integrate industrial and supply chains, ultimately benefiting the global economic recovery.”