CIFIT seen as key to spurring opening-up

China will steadily expand pilot programs and push ahead opening-up in new sectors, while ensuring foreign-invested businesses receive the same treatment as domestic companies, said senior government officials on Tuesday.

Speaking at a news conference in Beijing ahead of the 25th China International Fair for Investment and Trade (CIFIT), to be held in Xiamen, Fujian province, from Sept 8 to 11, they said that China's ongoing opening-up, high-quality industrial upgrading and massive consumer demand will keep foreign capital flowing.

Ling Ji, vice-minister of commerce and deputy China international trade representative, said that trials launched in select regions last year to liberalize sectors including value-added telecommunications, biotechnology and wholly foreign-owned hospitals have already yielded encouraging results.

Further efforts will be made to tackle specific market access issues, so that foreign companies can not only enter the Chinese market, but also operate here smoothly, said Ling.

The CIFIT this year will feature an exhibition area of about 120,000 square meters, hosting more than 70 investment-themed activities and over 100 project roadshows, according to the Ministry of Commerce.

Nearly 100 multinational corporations from sectors including energy, chemicals, agriculture, pharmaceuticals and intelligent manufacturing have confirmed attendance, with participation from both global headquarters and regional executives. Senior representatives from several sovereign wealth funds and international investment institutions have also confirmed their presence.

The Commerce Ministry said the United Kingdom is the guest country of honor for this year's CIFIT and will send a delegation of nearly 200 members from government, businesses and industry associations to Xiamen next month.

Delegations from more than 110 countries and regions, as well as international organizations, have registered for the event, with 51 countries and regions setting up national pavilions.

Wang Jinfu, vice-governor of Fujian, said that among them, a total of 77 economies participating in the Belt and Road Initiative have confirmed their participation in the CIFIT this year. High-level delegations from Azerbaijan, Cambodia and Uzbekistan will attend the event, while Serbia, Hungary, Slovenia and Thailand will set up national pavilions.

On the investment front, foreign direct investment in China reached 121.04 billion yuan ($16.9 billion) in manufacturing and 336.25 billion yuan in services between January and July. The use of FDI in high-tech industries hit 137.36 billion yuan, with e-commerce services and aerospace equipment manufacturing recording year-on-year increases of 146.8 percent and 42.2 percent, respectively, statistics from the Commerce Ministry show.

In the meantime, investments from Switzerland, Japan and the United Kingdom grew 63.9 percent, 53.7 percent and 19.5 percent on a yearly basis, respectively.

PwC, a global accounting company, will showcase a special "Voyage Log" for companies that are "going global" at its booth during the 25th CIFIT, with a focus on risk mitigation.

Zhou Xing, member of the management board at PwC China, said China is reshaping the global innovation ecosystem through new quality productive forces, unlocking fresh opportunities for investors.

"Moving forward, we will further strengthen our role as a bridge, connecting global capital with high-potential projects in China, while supporting Chinese businesses in 'going global and going deep', injecting new momentum into China's sustainable development," said Zhou.

China's commitments to openness and sustainable growth have also reinforced foreign investors' confidence, with many global companies seeing fresh opportunities in the nation's transforming industries.

Nathaniel Madarang, president for the Asia-Pacific region at Goodyear Tire and Rubber Co, a United States-based tire manufacturer, said as China's auto industry is being reshaped by technology and changing consumer demand, the country will see strong growth in the electric vehicle, sport utility vehicle and luxury car segments.

Madarang said that to stay competitive, Goodyear has recently introduced its latest SUV tire products in China and other Asia-Pacific markets.

"We are committed to sustainable growth, aligning with China's development goals for the automotive industry and creating value for our stakeholders in this dynamic market," he added.