China to boost central provinces' trade, investment

China will step up efforts promoting trade and investment in six central provinces, as part of its concerted efforts in facilitating open markets, said an official on Friday.

Vice-Minister of Commerce Wang Shouwen said the six central provinces, as an important part of China's market, is seeing new potential of development, and the Ministry of Commerce will continue supporting the high-quality development of the central region through four aspects.

"The first is to smooth logistics to promote consumption. MOFCOM will full leverage the central region's strength in population and market potential, optimize current logistic networks, and establish modern logistic systems, to continuously stimulate consumption," Wang said.

The second is to make good use of platforms, such as pilot free trade zones and national-level economic development zones, to promote open markets in the central region, he added.

According to Wang, MOFCOM will also bolster a better business environment to attract investment. Moreover, it will support the central region to actively engage in the restructuring of global industrial chains and strengthen global cooperation in areas including technology and energy.

Wang made the remarks during the opening ceremony of the 12th Expo Central China in Taiyuan, Shanxi province. Held May 20 to 23, the expo features forums and discussions covering trade and investment opportunities and business environment, and showcases specialties in goods and services from the six central provinces.

Despite the COVID-19 impact last year, the growth of foreign trade and foreign investment in the central region of China was better than expected, according to Wang.

In the first four months, the foreign trade of China's six central provinces increased by 57.9 percent and foreign investment increased by 47.7 percent, ushering in a good start to the development of the 14th Five-Year Plan, according to the MOFCOM.