VP calls for facilitating global value chain

XIAMEN - Chinese Vice-Premier Ma Kai on Sunday called for more proactive opening up and accelerated economic restructuring in order to help facilitate a mutually beneficial global value chain.

Ma's remarks came in his keynote speech at the 17th China International Fair for Investment and Trade (CIFIT), which opened Sunday in southeastern China's coastal city of Xiamen.

With the deepened economic globalization, global value chain has played an increasingly important role in the world economy, Ma noted, adding that China is still at the low end of international division of labor system and benefited far less than developed countries.

To move up its value chain, China will accelerate the shift of economic growth mode, promote innovation-driven strategy, ensure the better use of foreign investment and foster its outbound investment cooperation, Ma added.

The vice-premier also stressed to create a sound environment for the smooth development of the global value chain, enhance international cooperation, elevate the status of developing countries in the value chain and help with its extension in the service sector.

The CIFIT has been held in East China's Fujian province annually since 1997. It is currently the largest global investment event approved by the Global Association of the Exhibition Industry.